Liberty, Zain newest iflix investors
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.