Foxtel & Seven Align on Streaming TV Venture

December 8, 2014 World Screen Top Stories
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SYDNEY: Foxtel and Seven West Media have entered into a partnership to bring TV shows to the SVOD service Presto in early 2015, which is when Netflix is set to roll out in the market.

Presto Entertainment will feature SVOD content from both Foxtel and Seven offered as part of its online subscription library. It will serve as a complement to the existing Presto Movies service. Customers can choose to bundle Presto Entertainment and Presto Movies together or subscribe to either as a stand-alone offering.

The deal, which is subject to regulatory approval, will see each company hold a 50 percent interest in the joint venture.

Richard Freudenstein, Foxtel's CEO, said, “We’re thrilled to be taking these next steps with Seven West Media to establish the new Presto Entertainment service. Customers have already recognized the value of the unrivaled movie programming we’ve had on tap since Presto’s launch and we’re proud to have delivered such a great product. TV is the final piece in Presto’s entertainment puzzle and today’s news positions us well to take it to the next level by offering the best in local and international TV to new and future subscribers.”

Tim Worner, Seven West Media's CEO, said, “This new venture sees the leaders in subscription television and our acknowledged strengths in content creation and leadership in broadcast television work together to deliver a new and exciting service to Australians. Our growing content library underlines Seven’s future as a content company delivering its programming to our audiences across a range of devices.”