Foxtel has announced its closing SVOD business Presto, its joint venture with Seven West Media. Presto, was Australia’s third most popular subscription service- behind Stan (second) and Netflix (first). It will shut down on January 31, 2017.

The 50/50 Foxtel and Seven West Media streaming media joint venture business was launched in 2015. In a press release, Foxtel has announced its bought out the remaining stake in the company from its partner Seven West Media.

“Foxtel revealed that it had acquired Seven West Media’s shares in the Presto TV joint venture.

“Presto customers will be invited to transition to the new Foxtel Play packages from December 2016 and the Presto service will cease on 31 January 2017. All Presto entitlements will be honoured; should any promotional entitlements remain after 31 January, Presto customers will be offered appropriate alternative content.

“When they move to the new Foxtel Play offering, Presto customers will get access to more premium first run television programs and more recent movies than ever before.”

The dumping of Presto comes as Foxtel announces a new look Foxtel Play streaming service, which will roll out from December 2016.

Foxtel CEO Peter Tonagh said, “Foxtel Play will be a simpler, cheaper and more flexible IP delivered product, which will create much better value for our customers. It is the logical step for us to take in the evolution of Foxtel’s service. The new offering will mirror the successful launch of HBO Now in the US and Now TV by Sky in the UK.

“Customers who use an IP connection, with their own device and bandwidth will have access to this great new offering. Consumers will be able to sign up by downloading the app to their eligible connected TV, laptop, PC or games console.”