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Engin: We've blown $26m; we got it wrong, now give us $8.4m to keep afloat
Cornered!
Engin: We've blown $26m; we got it wrong, now give us $8.4m to keep afloat | Engin: We've blown $26m; we got it wrong, now give us $8.4m to keep afloat |
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| by Stuart Corner | |
| Monday, 25 February 2008 | |
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Page 2 of 3 The big turnaround, as previously announced was Engin's abandonment of its plan to be the exclusive Australian provider of the TiVo personal video recorder to which its largest shareholder, Seven, has the exclusive Australian rights. Featured Whitepaper
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Smith said that Engin had "successfully negotiated a termination of this agreement and is in the process of finalising an arrangement that will enable Engin to sell TiVo to its large customer base without taking on the very significant financial and inventory liabilities and risks associated with being an exclusive distributor." He added that "the company has acted to maintain a component of a triple play strategy," but did not elaborate on what this entailed. Engin announced in June 2007 that it was aiming to become a leading provider of triple play services by signing up as a primary distributor of the TiVo and becoming a reseller of Optus ADSL2+ services. Under that plan, Engin would have taken on the mass retail distribution of TiVo through its current reseller relationships and by expanding these it would also have been responsible for coordinating product development and marketing of the TiVo brand, managing the TiVo website and undertaking direct sales. The TiVo service was touted as combining free-to-air broadcast content with the TiVo service, including SeasonPass recording and WishList searches. |
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