Seven West Media has formalised of its joint venture with Foxtel in Presto TV Pty Limited.
The JV was first announced in January but the ACCC did not oppose the JV, with the two media companies each hold a 50 per cent equity stake in the streaming service.
Shaun James, Director of Presto and On Demand at Foxtel, will act as Interim Chief Executive Officer while a management team is formed.
Presto’s content offering consist of 4443 TV episodes available across 254 show titles with Presto Movies offering 879 movie titles, or more than 5000 hours of content but will dramatically increase its content libraries and first-run programming, beginning with US drama, Aquarius.
“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,” James said.
“We have an enviable library. We have the premium content. We have the upcoming first-run ‘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.”