According to an official Foxtel statement, the pay TV company has acquired Seven’s shares in Presto and is planning to transition its customers over to its revamped Foxtel Play service starting from December.
The Australian cites Presto’s inability to compete with subscription video-on-demand services Netflix and Stan as the main reason for the decision.
Foxtel CEO Peter Tonagh offered an official comment on the matter, stating “It has been great working with the team at Seven on Presto and we look forward to future collaborations.”
Foxtel Play subscription fees will also receive a huge restructuring by the end of the year, with prices starting at $10 per month for either the Lifestyle, Documentary or Kids packages.
Drama and Entertainment packs will go for $15 each or $25 for both. You’ll be able to add the Sports tier for $25 per month, and Movies will set you back an additional $20 per month.
“Foxtel is the Home of HBO and Showcase will be included in both the Drama and Entertainment tiers, which means that shows like Game of Thrones will now be available for $15 per month,” said Mr Tonagh.
He continued, “We are delighted to be able to offer Presto subscribers access to the new look Foxtel Play, which we know will be highly attractive to them."
- Want to get the most out of your remaining time with the the service? Check out the 25 best shows on Presto
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Stephen primarily covers phones and entertainment for TechRadar's Australian team, and has written professionally across the categories of tech, film, television and gaming in both print and online for over a decade. He's obsessed with smartphones, televisions, consoles and gaming PCs, and has a deep-seated desire to consume all forms of media at the highest quality possible.
He's also likely to talk a person’s ear off at the mere mention of Android, cats, retro sneaker releases, travelling and physical media, such as vinyl and boutique Blu-ray releases. Right now, he's most excited about QD-OLED technology, The Batman and Hellblade 2: Senua's Saga.