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Quickflix halts Shanghai acquisition

WA-based streaming company no longer proceeding with the acquisition of an unnamed Shanghai-based film & TV company.

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WA-based streaming company Quickflix is no longer proceeding with the acquisition of the unnamed Shanghai-based film and TV company it announced earlier this month.

But it will pursue further opportunities in China.

Mumbrella reports in a statement to the ASX this morning the company said: “Based on due diligence of the Shanghai-based company and advice received in relation to Chinese regulations and restrictions, Quickflix has decided that it will not be proceeding with an acquisition.

“Quickflix recognises distribution of content into China and of Chinese content to the rest of the world is a significant opportunity and is continuing to develop a China strategy.”

Quickflix lost $1.096m last quarter and had only $913,000 in cash on hand as of June 30.

The news follows EzyFlix also shutting down its service last week.

6 Responses

  1. Ironically, Quickflix was not quick enough to give their crappy outdated distribution model the flick. I laughed when not that many years ago I received a flyer telling me that I could order DVDs over the phone and have them delivered to my house. I wasn’t sure whether I needed to travel back to 2004 to pick them up or not.

    1. Thanks to their “crappy outdated distribution model” we have been able to subscribe to Quickflix, as our crappy outdated wireless model of Internet won’t provide us with streaming, hence we have to rely on DVDs.

  2. Agree with chivasssimo on this one. I give Quickflix credit on trying to pioneer the streaming game here in Australia, but it’s hard to see them recovering now, if ever. Better to try to forge a buy-out, so at least one of the other credible streaming services can take on their exclusives (if there are any). That or a bankruptcy, which considering their current cash position, one would think is due to happen any day now.

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