ASX-listed video streaming pioneer Quickflix has called in a voluntary administrator after a restructure and cost cutting failed to save it from increased competition.
In a note to investors, founder and chief executive Stephen Langsford highlighted a shareholding by rival streaming service Stan as a key stumbling block for the ailing business.
Stan is jointly owned by Nine Entertainment and Fairfax Media, publisher of this website. It acquired the redeemable preference shares, currently worth $11.7 million, from US studio HBO in 2014.
Quickflix’s market capitalisation is currently just $2.22 million.
“Despite Quickflix being first to the streaming m…
Read the full article at: http://www.bordermail.com.au/story/3871403/quickflix-appoints-ferrier-hodgson-as-voluntary-administrator/?cs=4067