Customers will be able to subscribe to Presto Entertainment, comprising including drama, comedy, factual and entertainment titles, or to the Presto Movies service either as stand-alone or bundled together.
The deal, which is subject to regulatory approval, will see each company hold a 50% interest in the joint venture. It comes ahead of competitors including Stan and Netflix.
Richard Freudenstein, Foxtel CEO, said, “We’re thrilled to be taking these next steps with Seven West Media to establish the new Presto Entertainment service. Customers have already recognised the value of the unrivalled movie programming we’ve had on tap since Presto’s launch and we’re proud to have delivered such a great product. TV is the final piece in Presto’s entertainment puzzle and today’s news positions us well to take it to the next level by offering the best in local and international TV to new and future subscribers.”
Tim Worner, Seven West Media CEO, said, “This new venture sees the leaders in subscription television and our acknowledged strengths in content creation and leadership in broadcast television work together to deliver a new and exciting service to Australians. Our growing content library underlines Seven’s future as a content company delivering its programming to our audiences across a range of devices.”
Pricing for Presto Entertainment will be confirmed closer to launch.