Presto deal collapses as Quickflix signs agreement to stream Chinese content

Struggling streaming player Quickflix (ASX: QFX) has told the ASX that it has been forced to abort its deal to become a reseller of rival Presto’s service and instead chosen to sign a deal with an unnamed Shanghai-based film and television company.

In a market update the company announced late last night that the much touted Presto deal, which would have helped the struggling company massively expand its content offering, had to be terminated as it was unable to meet the conditions in the Foxtel Presto Reseller Agreement.

Instead Quickflix will enter into a deal with the unnamed Chinese language film and TV company where it will “acquire the Shanghai-based company for a consideration to be negotiated upon completion of further due diligence.”

Late last week, Quickflix asked the ASX to suspend trading on the company announcing it was in the midst of talks with an international buyer and then asked for a further extension on Monday.