Foxtel Group is reportedly on the verge of securing a landmark content streaming deal with American studio Warner Bros Discovery.
The deal will provide Foxtel with access to multiple global hit series, including The White Lotus, The Last Of Us and House of the Dragon, and is expected to be signed as early as this week.
The new deal, which is expected to be signed this week, is expected to see Foxtel and its streaming platform Binge continue to license a broad range of content from Warner Bros/Discovery (owner of HBO, CNN, Cartoon Network and Discovery content).
Foxtel’s current deal with Warner Bros Discovery is set to expire at the end of this year.
The expected agreement will likely extend the partnership through at least 2025. The value of the multi-year deal has not been disclosed.
The new deal will also confirm Foxtel CEO Patrick Delany as the number one media executive in Australia. The past 18 months have seen Delany lock in critical content deals for key properties including; AFL, NRL, Cricket, Formula One and NBC Universal.
A spokesperson for Foxtel has declined to comment on the news.
HBO content has proved to be a powerhouse for Foxtel, with Binge experiencing exponential growth with paying subscribers growing a robust 48% Year on year to almost 1.4 million subscribers. Binge is also preparing to offer a low-cost, advertising-supported subscription package from March.
The decision by the recently merged Warner Bros/Discovery group to extend its content agreement with Foxtel provides evidence it has shelved plans to launch its own streaming platform, HBO Max in Australia in 2024.
The global studio has previously stated it was looking to launch HBO Max in “key Asia Pacific territories and some new European markets … later in 2024.”. However rising cost pressures has led to all the key international streaming competitors re-evaluating expansion plans.
A spokeswoman for Warner Bros/Discovery telling AFR:
“We have previously announced that we will be rolling out the new Warner Bros. Discovery streaming product internationally following the US, and this includes Asia-Pacific from the second half of 2024. We have no further details to add on individual countries and timing at this stage.”
Sources: AFR, SMH and The Australian
