MANILA, Philippines – Chinese tech titan Tencent confirmed reports it was buying Malaysia-based internet video streaming service iflix in a bid to expand its WeTV streaming platform in Southeast Asia. 

Tencent told DealStreetAsia in a statement on Thursday, June 25, “This is in line with our strategy to expand our international streaming platform, WeTV, across Southeast Asia and provide users with international, local, and original high-quality content in a wide range of genres and languages.”

The terms of the deal have not been made public yet, though the pricing is expected to have iflix valued at a discount.

Industry sources told Variety, meanwhile, that content partners have been informed, with the iflix brand name continuing operation for at least 6 to 12 months. The majority of iflix staff are expected to be retained, including Marc Barnett, who is said to remain as CEO.

The sale of iflix follows the closure of its immediate rival, Hooq, in April. Variety reported iflix was losing money heavily, having a 30% increase in after-tax losses to $158 million in 2018. – Rappler.com