New Zealand pay TV company Sky Network Television (ASX:SKT) is set to snap up content streaming platform Lightbox from telco Spark New Zealand.
A conditional sale and purchase agreement has been signed and completion of the deal is anticipated in the next few months, subject to commercial, legal and regulatory approvals as required. The cost of the deal has not been disclosed.
Over the past five years Lightbox has become New Zealand’s leading local subscription-based entertainment streaming business.
Sky New Zealand says the deal enables it to merge Lightbox with its own entertainment streaming service Neon, creating a supercharged service for New Zealand customers.
Shares in Sky Network Television (ASX:SKT) closed 0.73 per cent higher at $0.70 yesterday.