Seven West Media shares are on a tear after the Presto joint venture with Foxtel gets official approval

Actress Edie Falco, an Emmy Award winner for the TV comedy Nurse Jackie. Jason Merritt/Getty Images

The Foxtel and Seven West Media streaming media joint venture Presto has received approval from the ACCC (Australian Competition and Consumer Commission).

Each company will have 50% in Presto TV. The management team for the joint venture will be announced shortly.

Foxtel CEO Richard Freudenstein says: “We have big plans for Presto Entertainment to be a leading player.”

Tim Worner, Seven West Media CEO, says: “We are up and running with Presto. We have great partners in Foxtel. The combination of the leader in subscription television and the leader in broadcast television – coupled with our strengths in content creation – delivers a compelling offer to our audiences on Presto.”

Presto is offering new customers a free 30-day trial. After that, it $9.99 a month, a similar price to other players including Stan, the $100 million Fairfax Media and Nine Entertainment joint venture, local player Quickflix and the US giant Netflix, which will launch in Australia at the end of this month.

Seven West Media shares closed up more than 9% to $1.615.

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