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Australian TV and movie streaming service Quickflix is not going ahead with the potential acquisition of a Shanghai-based film and television company.
In a notice to the Australian Securities Exchange, it said that based on due diligence of the Shanghai-based company and advice received in relation to Chinese regulations and restrictions, it had decided that it would 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 it is continuing to develop a China strategy. Quickflix is also pursuing opportunities for licensing and operating its studio-accredited streaming platform as a branded or white-label service in other international markets,” it advised.