HBO Invests in Australia’s Quickflix

PERTH: HBO has invested AU$10 million ($10.7 million) for a stake in the Australian online DVD rental and video streaming firm Quickflix.

The purchase gives HBO a 15.7-percent stake in the company and HBO will also appoint a representative to the Quickflix board. The investment follows Quickflix’s recent licensing agreement with HBO for the streaming of TV series and films in Australia. The company also has alliances with Sony Pictures Television, Warner Bros. International Brand Services, Lakeshore Entertainment and others.

"We welcome HBO as a strategic investor in our company," said Quickflix’s executive chairman and founder, Stephen Langsford. "Quickflix is achieving strong subscriber growth and we’re rapidly rolling out our streaming service. The funds from HBO’s investment will enable Quickflix to execute its strategy for growth and profitability."