Deal between Quickflix and Presto Falls Through -- Quickflix to Acquire Chinese Streaming Company
Quickflix recently announced plans to acquire a Shanghai based Chinese film and TV streaming company. The reselling agreement that was in the works with local streaming competitor Presto fell through, so the Aussie company decided to expand its horizons. The Chinese company remains unnamed so far, but Quickflix representatives mentioned that the new deal will help them form a global streaming platform.
The much talked about deal between Presto and Quickflix was announced back in May and would have allowed the latter to significantly expand its content offering. However, as Quickflix representatives said, the deal had to be terminated as the “conditions precedent to the Foxtel Presto Reseller Agreement have not been met.”
Instead, streaming service Quickflix opted to enter a niche and emerging market, by acquiring an unnamed Chinese film and television company based in Shanghai. “Consolidation with Quickflix would result in the combined entity having a significantly improved financial outlook and ability to access further capital for growth,” Quickflix said in a statement. The company’s end goal is to form a global streaming platform that will distribute Chinese film and TV content into China and international markets.
It’s unclear yet what the news indicates regarding the future of Quickflix’s Australian services, but the company mentioned that it will provide further details in late August.