Thu, 02 Oct 2014 | DIVISION SALE
Tesco has put its underperforming film streaming business Blinkbox up for sale.
Its new chief executive Dave Lewis is running the rule over the business, which offers over 10,000 movies and TV shows for PCs, Macs and tablets, with options to include a sale or closure if a buyer is not identified.
It is thought Lewis found the business to be non-core and a distraction, and is believed to have told senior Blinkbox staff as such when he visited the London offices last week.
The supermarket giant acquired an 80 per cent stake in the business in 2011, and offered the streaming service alongside the launch of its tablet Hudl.
Blinkbox was founded by former Channel 4 and Vodafone bosses to create a challenger for internet film giants Netflix and LoveFilm.
The announced possible sale of Blinkbox comes in the aftermath of the accounting scandal that was brought to light last week, with Tesco admitting that it had miscalculated its first half profits by £250 million.
As a result four senior managers have been suspended and its share price dropped, with Tesco expecting an investigation by the Financial Conduct Authority. So Lewis has plenty on his plate to deal with already, relating to Tesco’s main supermarket operations.
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