MANILA, Philippines — Philippine Long Distance Telephone Company (PLDT) now owns 7.5% shares in iflix. This, after it converted into ordinary shares its $15-million investment in the video streaming service rivaling Netflix in Southeast Asia.
The Manuel V. Pangilinan-led telco told the Philippine Stock Exchange (PSE) that it completed this week new round of funding led by European entertainment firm Sky Plc and Indonesian company Emtek Group – through subsidiary PT Surya Citra Media Tbk (SCMA).
This "triggered" the automatic conversion of PLDT’s convertible notes.
"PLDT’s shares account for 7.5% of the total equity stock of iflix which had a post money valuation of $450 million, following the investment of Sky Plc amounting to $45 million and the additional investment by SCMA," PLDT said in a disclosure.
Iflix will use the fresh funds to accelerate its growth in Malaysia, Thailand, and the Philippines, as well as enter new markets.
Emtek Group and Sky Plc said in a seperate statement they "will hold further discussions to identify areas of future collaboration" in the high-growth emerging markets in which iflix operates.
Listed on the London Stock Exchange, Sky Plc is Europe’s largest media company.
It operates a satellite broadcasting service and an on-demand Internet video streaming service as well as broadband and telephone services.
Europe’s leading investor in telelvision content, Sky serves 21 million customers in 5 European countries – UK, Ireland, Germany, Australia, and Italy.
"This new round of funding validates our investment in iflix last year. It enables the company to further strengthen its leadership position and improve its Internet TV services to the benefit of subscribers, particularly those of PLDT and Smart," PLDT chairman and CEO Pangilinan said. – Rappler.com