Today’s confirmation that Foxtel will buy a 15% stake in Network TEN will see TEN take an interest in streaming service Presto.
According to today’s statement, TEN will have an option for two years to become at 10% shareholder in Presto TV Pty Limited.
Presto TV is jointly owned by Foxtel and Seven at 50% each.
It’s not clear if Foxtel will reduce its ownership to a 40% stake for two years.
The move would likely see some TEN content added to the streaming service, leaving Foxtel, Seven and TEN aligned with Presto while Nine is the only network going it alone on Stan.
The deal announced today is yet to be approved by the regulator, ACCC.