Presto video streaming service to disappear as Seven sells stake to Foxtel.
Presto will disappear early 2017 as Seven West Media sells its stake to joint venture partner Foxtel, while rival online video streaming service Quickflix is set to emerge from administration.
Rather than keeping Presto running, Foxtel has announced the service will shut at the end of January, 2017 with Presto customers encouraged to switch to the pay TV operator's own web-based streaming offering, Foxtel Play.
Foxtel said Presto customers will be able to access the new Foxtel Play product from December.
"It has been great working with the team at Seven on Presto and we look forward to future collaborations," Foxtel chief executive Peter Tonagh said in a statement.
"We are delighted to be able to offer Presto subscribers access to the new look Foxtel Play."
Seven West's chief executive Tim Worner said his network would maintain a content partnership with Foxtel, despite exiting the joint venture.
"We look forward to continuing to work closely with Foxtel, in particular in the creation of new programming content," he noted in a statement.
Presto video streaming service to disappear as Seven sells stake to Foxtel; Karma gets Quickflix
By business reporter Michael Janda | abc.net.au
4 Oct 2016