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New Zealand's SKY to buy streaming service Lightbox from Spark

New Zealand-based entertainment company SKY Network Television Ltd. agreed to acquire streaming service Lightbox from wireless carrier Spark New Zealand Ltd.

SKY said the deal will enable it to merge Lightbox with its own streaming platform, Neon, to offer an expanded range of domestic and overseas entertainment content.

Under the terms of the conditional agreement, the ownership of Lightbox must be immediately transferred to SKY upon completion of the deal. Spark will run Lightbox's operations during the transition period, with SKY to cover the operational costs going forward. Additionally, Spark must continue to offer Lightbox to its customers.

Subject to commercial, legal and regulatory approvals, the deal is expected to close in early 2020.