Troubled Australian entertainment streaming service Quickflix has advised the Australian Securities Exchange of the termination of its reseller agreement with fellow SVoD platform Foxtel Presto, saying that the conditions precedent to the Reseller Agreement have not been met. The pair agreed the deal mid-May 2015.
Quickflix said that it is pursuing other opportunities in relation to content for its SVoD service including integrating alternative third party SVoD channels into its platform.
On August 3rf Quickflix requested that the Australian Securities Exchange (ASX) allow it to remain in a trading halt as it continued negotiations regarding a “potential corporate transaction with an international party which may result in an acquisition”.
The trading halt follows the company’s latest quarterly report issued July 31st which revealed the number of Quickflix subscribers had declined on both a quarterly and year-on-year basis, blaming “pent-up demand for Netflix in particular”.