F.Y.I.

HBO invests in Quickflix

February 6, 2012 3:59

The Home Box Office (HBO) has invested $10m in Australia’s streaming video and delivery service Quickflix.

The announcement:

Home Box Office, Inc. to invest $10 million in Australia’s Quickflix
Quickflix Limited (Quickflix) announced today that Home Box Office, Inc. (HBO) has agreed to invest $10 million for a strategic stake in the Company. HBO® is the USA’s largest premium television company and a wholly owned subsidiary of Time Warner Inc., a global leader in media and entertainment with businesses in television networks, filmed entertainment and publishing. Quickflix has recently announced that it has entered into a licensing agreement with HBO for the streaming of TV series and films in Australia.

Under the terms of the investment agreement HBO will invest $10 million in Quickflix in exchange for 83.3 million preference shares at a price of 12 cents per share which are convertible to ordinary shares in the Company equating to a fully diluted interest of 15.7 per cent on conversion. HBO will appoint a representative to the Quickflix board. The investment, which is fully endorsed by the Quickflix board, is subject to shareholder and ASX approval.

Be a member to keep reading

Join Mumbrella Pro to access the Mumbrella archive and read our premium analysis of everything under the media and marketing umbrella.

Become a member

Topics