SINGAPORE (Reuters) – HOOQ Digital, a video streaming service majority owned by Singapore Telecommunications Ltd, stated it was submitting for liquidation because it had not been in a position to develop sufficiently to offer sustainable returns nor cowl escalating prices.
HOOQ was began as a three way partnership in 2015 between Singtel, Sony Photos Tv and Warner Bros Leisure. But it surely has didn’t make main beneficial properties as bigger rivals reminiscent of Netflix Inc expanded within the area.
The liquidation shouldn’t be anticipated to have any materials influence on the web tangible belongings or earnings per share of Singtel, the telecom operator stated in a submitting to the inventory trade. Singtel has an oblique 76.5% efficient stake in HOOQ.
HOOQ is a part of Singtel’s group digital life phase, which incorporates newer companies like digital advertising that the corporate has been attempting to develop as a part of its efforts to broaden exterior conventional telecom providers.
Reporting by Aradhana Aravindan in Singapore; Enhancing by Himani Sarkar