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Australia's Quickflix acquired by Karma Media

Australian video-streaming service Quickflix Ltd. was sold to U.S.-based Karma Media Holdings for A$1.3 million, Rapid TV News reported Oct. 5.

Under the terms of the deal, Quickflix, which went into administration in April, will continue to operate in the Australian market. Karma Media plans to retain 24 employees from the company and pay all entitlements owed to former workers. Unsecured creditors will receive 21.5 cents for every dollar.

Los Angeles-based entrepreneur Erik Pence, the head of Karma Media, will become managing director of Quickflix.

Provisions of the deed of company arrangement are scheduled to be completed in February 2017.

As of Oct. 5, US$1 was equivalent to A$1.32.