With coronavirus lockdowns across the region causing a spike in stay-at-home viewing, Friday’s news that Southeast Asian video streamer Hooq is to close within a matter of days came as a shock to its friends and competitors alike.
Compared with its regional rivals, Hooq had the most blue-chip backers in Singaporean telecoms giant Singtel, WarnerMedia and Sony Pictures Television.
Yet it was Singtel that announced in a terse 83-word statement that it had begun a “creditors voluntary liquidation” of Hooq.
The move was made just before the end of Singtel’s financial year to March, and has the appearance of a big corporation tidying up its books.
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