Pay-TV broadcaster Sky New Zealand has finalised its purchase of streaming platform Lightbox from telecommunications company Spark for an undisclosed amount.
Lightbox, which has around 130,000 users, will now be merged with Sky’s existing OTT platform Neon.
Though both services focus on TV series and films, Sky already has a dedicated sports streaming service called Sky Sport Now.
The deal, which was first announced in December, is Sky’s latest attempt to reverse a sharp decline in its market value.
In October 2019, it was revealed that Sky had shrunk by 29 per cent in the past 12 months to NZ$468.2 million following an annual net loss of NZ$607.8 million in the year to June.
The broadcaster is also hoping its recent a five-year deal with New Zealand Rugby (NZR) worth a reported NZ$400 million will help turn things around – along with contracts for the likes of golf’s Masters, the National Basketball League (NBL) and the Commonwealth Games.
Sky also parted with up to US$40 million for RugbyPass, the rugby union-dedicated OTT service, which holds Asian, Australian, and European rights for tournaments hosted by SANZAAR, the organising body for international Tests in South Africa, New Zealand, Australia, and Argentina, and regional Super Rugby matches.