Tesco to close blinkbox?

Reports suggest that UK supermarket retailer Tesco is planning to sell off or shut down its blinkbox video and music streaming service.

According to The Times, Tesco CEO Dave Lewis has informed blinkbox management that if a buyer can’t be found, it will shut down the service, which has struggled to compete against services such as Netflix and Sky’s NOW TV OTT operation.

Tesco acquired an 80 per cent stake in blinkbox in April 2011, with the intention of using it to bolster sales of its digital entertainment offering.

Tesco is currently the subject of an investigation by the UK’s Financial Conduct Authority following the retailer’s overstatement by £250,000,000 of expected profit for the half year.

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