E-commerce firm Coupang has agreed to buy the assets of Hooq, the Singapore-based online streaming platform backed by corporates Singapore Telecommunications (SingTel), WarnerMedia and Sony, The Business Times has reported.
The deal was disclosed by people familiar with the deal, though they did not reveal the price Coupang will pay.
Hooq operates an online streaming platform with a presence in five South and Southeast Asian countries. It was formed by telecoms firm SingTel, with entertainment and media group WarnerMedia and electronics producer Sony’s film production arm, Sony Pictures.
The company however filed for liquidation in March this year, with a spokesperson citing high content costs and increased online competition.
The move followed $70m in funding from SingTel, WarnerMedia and Sony Pictures subsidiary AXN Investment when Hooq was founded in 2015, and $25.2m from the same investors two years later.
