Quickflix inks Presto content deal which appears to bypass warrant held by rival Stan
Troubled streaming and DVD distribution business Quickflix has struck a deal with rival service Presto to become a reseller of its content.
Today’s deal means Quickflix’s streaming offering will now be Presto content, but it will maintain its own pay-per-view movie and TV offering, and DVD business.
However, Mumbrella understands the deal has been structured to avoid triggering a warrant held by rival streaming service Stan as part of its shareholding in Quickflix.
Stan’s parent company StreamCo, a joint venture between Nine Entertainment Co and Fairfax Media, last year bought 83m preference shares in Quickflix from HBO, which included a warrant which sees Stan entitled to a $10.5m payment in the event of a “liquidation event” or 51 per cent change of ownership.
My head hurts.
Give it up Quickflix, it’s over.
poof….and they’re both gone
Sorry Josh, but QFX are here to stay and will only flourish now. Mr Langsford is a much smarter man than you. Cheers Mate
I wish Quickflix all the best and really hope they become very successfully. They are a smaller company being challenged by large enterprises with deep pockets, I am on the Quickflix side, all the best Stephen Langsford, keep the fight to survive, we are behind you.
Quickflix seems to be the pawn on the chess table in the battle of streaming. But, Steven Langsford is very far from silly. Many times I’ve seen a good player cause a checkmate with a pawn…