Tesco acquires majority stake in Blinkbox
Tesco has acquired a majority stake in Blinkbox.
Supermarket giant Tesco has announced its business negotiations have resulted in the acquisition of a majority stake in video-on-demand specialist Blinkbox.
In an effort to gain a footing in the internet-driven home entertainment field, the former party has purchased an 80 per cent stake in the latter from Eden Ventures and Nordic Venture Partners.
Blinkbox offers thousands of movies to consumers, who can stream them directly to their PC, Mac, PlayStation 3 or internet-connected TVs.
Commenting on the move, Richard Brasher, chief executive officer of Tesco UK, asserted his organisation's commitment to providing customers with "choice".
"The acquisition of Blinkbox, together with a range of other services currently in development, means we can link the physical purchase of a product to the building of digital collections in a new and seamless way," he said.
Blinkbox is set to go live on internet-connected TVs from Samsung later in the year, with a range of other tablet and TV devices to follow throughout 2011.