US-based Karma Media Holdings has taken control of troubled local Australian streaming media company Quickflix.
Voluntary administrators Jason Tracy and Richard Hughes of Deloitte announced that Karma has bought Quickflix and its assets in exchange for payment of $1.3 million.
Tech and media entrepreneur Erik Pence will lead Quickflix as the managing director. Karma will also make available $700,000 to develop Quickflix.
(And) Karma is likely to invest additional operational funds after the initial transition period for use in building public awareness programs and planned shift in content strategy towards niche markets, Karma said.
Quickflix was established in 2003, listed on the ASX in 2005 and went into ad…
Read the full article at: http://www.businessinsider.com.au/quickflix-will-survive-under-a-new-american-owner-2016-10