Presto closure drives Foxtel into the red as News Corp revenues tumble

Alex Hayes

November 8, 2016 2:08

The decision to close streaming service Presto forced pay-TV provider Foxtel into the red for the first quarter of 2016, recording an $11m loss according to News Corp’s latest results.

Presto will close in January after Foxtel bought out partner Seven West Media from the service, with plans to transition its “130,000” customers to repriced packages on the Foxtel Play service.

While Foxtel has traditionally been one of the most profitable media companies in the world News Corp’s results show the Presto decision cost it US$21m.

Subscribe to keep reading

Join Mumbrella Pro to access the Mumbrella archive and read our premium analysis of everything under the media and marketing umbrella.

Alex Hayes

Alex Hayes worked for Mumbrella from 2013 to 2017 in roles including editor and head of Mumbrella Bespoke.

Topics

1 COMMENTS

Chris Pattinson 14 Nov 16

Totally fed up with ever increasing advertising on subscription TV. I pay no small fee for a service, I am paying to watch advertising, I have had very poor performance from my Q etc. Will be scrapping Foxtel very soon.

User ID not verified.