Quickflix has extended its trading halt to Wednesday as the streaming media company considers a “potential corporate transaction with an international party”.
Industry sources say the transaction is a potential takeover.
The local streaming media and DVD library last Thursday went into a trading halt over a possible “acquisition”.
The local streaming media industry has been disrupted by the arrival of Netflix, which has quickly built a subscriber base of 559,000 households since it launched on March 24.
Quickflix, which has a deep customer base for its DVD collection, has been cutting its content licensing costs and moving to a more premium model.
In May it announced a deal with Foxtel to distribute Presto. For Quickflix, this means it can continue to offer DVDs on subscription and premium video on demand content for an extra fee but gradually drop its general all-you-can-eat streaming content which will be replaced by Presto’s offering.