Australian pay-TV provider Foxtel and Seven West Media have set up a joint venture dubbed Presto Entertainment. The deal, which is subject to regulatory approval, will see each company hold a 50 percent interest in the joint venture. The joint venture will offer a library of subscription on demand (SVOD) television content provided for Presto subscribers in early 2015.
The Foxtel and Seven West Media agreement is expected to see SVOD content from both companies incorporated into Presto’s existing online subscription library. Presto Entertainment will provide customers with access to programing from a single online platform and will complement the existing Presto Movies service. Customers will be able to subscribe to Presto Entertainment or the Presto Movies service as stand-alone services or bundled together.
The Presto Entertainment service will feature content from Foxtel and Seven West Media’s range of locally commissioned and internationally acquired content including drama, comedy, factual and entertainment programming. Specific program announcements will be made in the coming weeks. Pricing for Presto Entertainment will be announced closer to the launch date.
