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Presto TV JV between Foxtel and Seven West Media receives ACCC approval
MUMBAI: The proposed joint venture between Australian pay TV service provider Foxtel and Australian free-to-air (FTA) network Seven West Media in the subscription video on demand service Presto TV has received approval from the ACCC.
Each party will hold a 50 per cent interest.
Presto TV will contribute content to the Presto Entertainment bundle subscription service that was formally launched in January.
Prior to approval from the ACCC, Presto TV has licensed content from Seven West Media with interim management for the service being overseen by Foxtel. The management team for the Presto TV JV will be announced shortly.
Foxtel CEO Richard Freudenstein said, “We have big plans for Presto Entertainment to be a leading player in the SVOD space and are excited we can accelerate plans for Presto TV with our partners Seven West Media now that the ACCC has given their consent to our joint venture.”
“Presto TV is an important part of the Foxtel suite of entertainment services we offer consumers which includes the full service Foxtel cable or satellite product, the IP-delivered Foxtel Play and the recently launched Foxtel Broadband product.”
Seven West Media CEO Tim Worner said, “We are up and running with Presto. We have great partners in Foxtel. The combination of the leader in subscription television and the leader in broadcast television – coupled with our strengths in content creation – delivers a compelling offer to our audiences on Presto. Our future is our content and our ability to deliver that content anywhere anytime on any device to our audiences.”
Presto is currently offering new customers the opportunity to experience the full service with a free 30-day trial of the Presto Entertainment bundle subscription.
At the end of the 30-day free trial period, customers keen to stay on as Presto subscribers can choose between Presto TV or Presto Movies for $9.99 a month, or continue with a Presto Entertainment TV and movies bundle subscription for $14.99 a month, with no ongoing commitment.
Presto TV will have TV shows from production houses including HBO, Showtime, CBS Studios International, Viacom International Media Networks and Hasbro Studios as well as local content from Foxtel, Seven Network and ABC Commercial.
Presto Movies continues to offer movies from the major studios and key independents including MGM, NBCUniversal, Paramount Pictures, Roadshow Films, Sony Pictures Entertainment, Twentieth Century Fox, The Walt Disney Company, Warner Bros. Entertainment, Entertainment One Films Australia, ICON, Studiocanal and Transmission Films.
Presto TV, Presto Movies and the Presto Entertainment bundle are currently available across Windows PCs, Mac, iPads, select iPhones and Android devices and via Google Chromecast. Subscribers can visit www.presto.com.au/devices to see the full range of supported devices. Subscribers can register up to four compatible devices and watch two devices simultaneously.