Seven West Media will sell its shares in streaming service Presto to Foxtel, with the service to be shut down in January next year.
Presto customers will be moved to Foxtel’s streaming service Play, which will be re-launched in December 2016.
Tim Worner, CEO and managing director of SWM, said: “We look forward to continuing to work closely with Foxtel, in particular in the creation of new programming content.”
Presto was founded by Foxtel in March 2014 with Seven West Media acquiring a 50 per cent stake in the company that December.
The service competed against overseas rival Netflix and local player Stan, a joint-venture between Fairfax Media and Nine.
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