Seven West Media has sold its stake in Presto to Foxtel.

Local SVOD service Presto will end early next year, with Seven West Media selling its stake in the joint venture to partner Foxtel.

As of December, Presto customers will be able to access Foxtel Play, with Presto officially finishing up on January 31 2017.

Roy Morgan research released in June showed that Presto lagged behind SVOD market leader Netflix and local rival Stan in subscribers.

In a statement, Seven West Media CEO and managing director Tim Worner said the company looked forward to continuing to work closely with Foxtel, in particular in the creation of new programming content.

“It has been great working with the team at Seven on Presto and we look forward to future collaborations," said Foxtel CEO Peter Tonagh.

Foxtel has also today unveiled the pricing and packages for the revamped Foxtel Play, which will roll out as of December.

“Foxtel Play will be a simpler, cheaper and more flexible IP delivered product, which will create much better value for Australian consumers. It is the logical step for us to take in the evolution of Foxtel’s service. The new offering will mirror the successful launch of HBO Now in the US and Now TV by Sky in the UK,” said Tonagh.

“Customers who use an IP connection with their own device and bandwidth will have access to this great new offering. Consumers will be able to sign up by downloading the app to their eligible connected TV, laptop, PC or games console.”

The service will have five different 'entry level' tiers, including drama and entertainment packs priced at $15 per month each ($25 a month for both), while for $10 per month subscribers can choose from a lifestyle, documentary or kids tier.

Customers will be able to subscribe to a sports tier for an extra $25 per month and a movies tier for an additional $20 per month.

Customers will not be required to sign up to a fixed term contract. Subscribers will have access to all linear channels in the tier along with all of the on-demand, catch up and library content available to that tier plus mobile and tablet access via Foxtel Go.

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