Seven West Media is exiting the joint venture, which launched in March 2014. But the service has struggled against the might of Netflix and Nine / Fairfax owned Stan.
Tim Worner, CEO and Managing Director, Seven West Media, said: “We look forward to continuing to work closely with Foxtel, in particular in the creation of new programming content.”
Peter Tonagh, Foxtel CEO, said “It has been great working with the team at Seven on Presto and we look forward to future collaborations. We are delighted to be able to offer Presto subscribers access to the new look Foxtel Play, which we know will be highly attractive to them.”
From December, existing Foxtel Play customers will be transferred to the new pricing, with the package that “best aligns with their current service.”
The new service will have five different entry level tiers to match viewers’ interests including Drama and Entertainment packs priced at $15 per month each or $25 for both, while at the $10 per month level, there will be one option for Lifestyle, one for Documentary and one for Kids. In addition, customers will be able to take the Sports tier for an extra $25 per month and the Movies tier for an additional $20 per month, effectively reducing the cost of Sport to as little as $35 per month.
Both Presto and Foxtel Play subscribers will have access to two new Home and Away specials to be released this summer.
Presto will cease on 31 January 2017.