Foxtel is set to acquire assets from Premium Movie Partnership, which operates the Showtime channels, in a move that will see the company increase its grip on the local pay TV market.
Foxtel announced today it had reached an agreement with PMP's shareholders and the deal, contingent upon certain conditions, is expected to be completed by the end of this month.
Under the agreement, PMP channels will be produced and managed by Foxtel. A majority of PMP staff will be offered positions at Foxtel.
PMP channels include Showtime and its various genre movie channels and Showcase. In addition to films, the Showtime channels broadcasts US cable programs such as Boardwalk Empire, Treme, Dexter, Breaking Board, Girls and Veep.
Foxtel chief executive Richard Freudenstein said: “This is a very sensible transaction for Foxtel. It drives synergies and savings that will enable us to offer a better movie and premium drama product to our subscribers. Bringing the PMP channels in-house will perfectly complement our recently launched drama channel SoHo.”
Foxtel has notified the Australian Competition and Consumer Commission of the impending transaction and is not aware of any investigation into the deal.
This year has seen Foxtel increase its grip on the Australian pay TV market. The company has recently gone through an acquisition of regional pay TV operator Austar.
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