Seven West Media has confirmed the formalisation of its joint venture with Foxtel in Presto TV Pty Limited. Today’s announcement follows the ACCC’s decision not to oppose the JV and the formal signing of agreements that establishes the platform from which Seven West Media and Foxtel will combine forces to build Presto’s presence in the subscription video-on-demand (SVOD) market.
Over the coming weeks, Presto will dramatically increase its content libraries and, building on the release of Aquarius as a “First on Presto” Australian exclusive, the JV is committed to expanding Presto’s ability to deliver first-run programming to Australians.
Foxtel and Seven West Media each hold a 50 per cent equity stake in Presto TV Pty Limited,a subscription video on demand streaming service.
Consumers can subscribe to Presto TV as a standalone service for $9.99 a month, or as part of the Presto Entertainment TV and movies bundle for $14.99 a month.
The JV was first announced in January 2015. In early March the ACCC announced that it would not oppose the proposed acquisition of shares in Presto TV Pty Limited by Seven West Media. The JV brings together Australia’s premiere subscription television provider, Foxtel, and Australia’s foremost multiple platform media company, with a market-leading presence in free-to-air broadcast, Seven West Media.
Shaun James, Director of Presto and On Demand at Foxtel, will act as Interim Chief Executive Officer of the JV while the management team is formed.Upon commencement of the JV, Presto’s content offering will consist of 4443 TV episodes available across 254 show titles with Presto Movies offering 879 movie titles, or more than 5000 hours of content.
“Presto has been steadily building its content proposition and the formalisation of our joint venture with Seven puts us in a position to dramatically ramp up our plans to be a major player in Australia’s SVOD sector,” Shaun James said.
“We have an enviable library. We have the premium content. We have the upcoming firstrun ‘only on Presto’ programming that we’ll be unveiling over the coming weeks. We have great partners and we are committed to delivering the best consumer experience.
“We’ve already confirmed key agreements with content providers such as HBO, Showtime and with our key shareholders Foxtel and Seven West Media and we recently announced our first-run exclusive Australian launch of the entire series of Aquarius, starring David Duchovny, coming to Presto Entertainment and Presto TV on Friday, May 29.
“Our customers can expect similar announcements as we move forward.”