FilmFlex sold to Sony and Disney
The two studios, which already owned a third each of the business, acquired the remaining third held by SeaChange subsidiary On Demand Group.
On Demand Group chief executive Tony Kelly explained: "We have been delighted with the successful development of the FilmFlex service which has delivered a healthy return on our initial investment. Our strategy now is to focus on wider VOD services including television and music as well as movies, with subscription video on demand services, in ventures where ODG has a higher percentage share. The money received from our share of FilmFlex will support our new development plans and enable us to grow our business even faster."
The existing FilmFlex management team will continue running the venture under Sony and Disney, and some technical and creative production services will be outsourced to ODG.