Tencent Is Buying Up iFlix!
A purchase agreement is in the works for Chinese giant Tencent Holdings to acquire the streaming company iflix. Under the yet-to-be-finalised purchase deal, Tencent will buy up all of iflix’s content and its technology. It is understood that the company’s debt will not form part of the agreement.
Observation by the people close to the matter as well as industry experts is that the move is to bolster the reach of Tencent’s own streaming video service WeTV which now has plans to break into markets in South East Asia and Africa - places where iflix has footprints.
It is believed that the current chief executive of iflix Mr Marc Barnett and most of his senior staff will be retaining their roles in the new dispensation. Tencent said that this is to “ensure the smooth integration with existing businesses.”
Iflix says it has just over 25million active subscribers, but the current coronavirus pandemic has thrown it business into deep troubles, needing rescue.