$700K Payment: Pence Closer To Full Ownership Of Quickflix
US media entrepreneur Erik Pence has moved closer to full ownership of the troubled Australian Quickflix streaming service, after his Karma Media Holdings group lodged a non-refundable instalment of $700,000 with the administrators.
Quickflix has been in administration by Deloitte since May this year.
In early October Pence agreed to pay the administrators a total of A$1.3 million for the ASX-listed streaming and subscription service, which had floundered under the previous ownership. At the same time founder Stephen Langsford, and two fellow directors tendered their resignations.
Pence has said that Karma Media plans to retain 24 employees at Quickflix and it will pay all entitlements owed to former employees.
His Mojo Makers business – previously Inception Digital Services – is understood to have set up initial infrastructure for Quickflix streaming.