Lib­erty, Zain new­est iflix in­vestors

New Straits Times - - Business -

Lib­erty Global, the in­ter­na­tional telecom­mu­ni­ca­tions com­pany con­trolled by Amer­i­can ty­coon John Malone, and Zain, a Kuwait-based telecom­mu­ni­ca­tions op­er­a­tor, are in­vest­ing in stream­ing video provider iflix, the com­pany an­nounced yes­ter­day.

Lib­erty and Zain, along with ex­ist­ing share­hold­ers Sky Plc, ven­ture cap­i­tal firm Catcha Group and Los An­ge­les-based mer­chant bank Evo­lu­tion Me­dia Cap­i­tal, in­vested US$90 mil­lion (RM400.25 mil­lion) in iflix, the com­pa­nies an­nounced yes­ter­day.

The com­pa­nies did not dis­close how much each in­vested.

Lib­erty and Zain are in­vest­ing in iflix at a time when more peo­ple are watch­ing their favourite shows and movies on­line.

Two-year-old iflix, with 4.5 mil­lion cus­tomers, was hop­ing to be what Net­flix was in the United States to view­ers in emerg­ing mar­kets, who used their phones to watch shows and movies, said iflix founder Pa­trick Grove last week.

The stream­ing video provider, which has deals with more than 170 stu­dios and dis­trib­u­tors such as Vi­a­com’s Para­mount and MGM, is cur­rently in Malaysia, In­done­sia, Thai­land and the Philip­pines, and is plan­ning to en­ter the Mid­dle East and Africa over the next few months.

In Septem­ber, Lib­erty struck a deal with Net­flix to of­fer the stream­ing video ser­vice to all of its cus­tomers via ca­ble set top boxes.

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