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Looking to Asia, Quickflix to Acquire Chinese Film and Television Company

When struggling Australian streaming and DVD lending company Quickflix announced a trading halt last week, there were rumours it was about to be bought by a much larger company. Instead of being snapped up by one of its more well-funded video-on-demand competitors, Stan, Presto, Foxtel Play, or even Netflix, it’s Quickflix itself that is doing the acquiring.2-1 On Wednesday, the Perth-based company announced it had entered into a non-binding memorandum of understanding to combine with an unnamed Chinese film and television company. By acquiring the company, which is based in Shanghai, Quickflix plans to form “a global streaming platform” that will distribute Chinese film and TV content into China and international markets, the company said in a statement.2-2“Consolidation with Quickflix would result in the combined entity having a significantly improved financial outlook and ability to access further capital for growth,” the statement said. It’s an intriguing second act for the company, which was hit hard in the first half of 2015. In its June quarterly update, the company said its paying customers had declined by 13% in the June quarter to 107,969, and cash reserves had fallen below A$1 million. Netflix is currently said to be watched by 1.42 million Australians in 559,000 homes. Quickflix ascribed the haemorrhage to the free trial promotions being run by its rivals, among other factors.

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