Chinese Investors Bought 'Kodi Box' Company for £6.41 Million

By Tom Pritchard on at

Back in 2016 a new New Zealand company, My Box NZ, arrived on the scene determined to take on local media giant Sky TV (not to be confused with Sky in the UK), by selling users Android boxes with Kodi and various third-party add-ons preinstalled. In exchange for £132, consumers would have access to as many TV shows, films, and live channels as they like without any ongoing costs.

Naturally this ended up with My Box owner Krish Reddy in an absurd amount of legal trouble, but miraculously all that bother has apparently led to a Chinese firm buying out the company for £6.41 million.

The whole situation came about because Reddy started openly promoting the company's services, with adverts asking why people would pay NZ$80 (£41) a month to pay for Sky TV's subscription. He had insisted that the whole thing was legal, and that his lawyers had found no issues with his business plan with relied on importing Android boxes from China and selling them on. Sky got involved, warning Reddy that he was in breach of copyright law.

Reddy, who seemed to think he could take on the company by himself, insisted that what he was doing was completely legal - which is what a lot of Kodi Box sellers seem to claim when they're brought in. But Reddy said that because the content is already available, he claims that it's not his fault copyright is being infringed. Because apparently the concept of facilitation is alien to him.

Sky took him to court, of course, seeking NZ$1.4 million (around £720,000) in damages, which was heard in an Auckland court last month. Then, miraculously, Reddy claims he was contacted by a Chinese investor who sought to buy his business for  NZ$10 million (£5.13 million). Apparently the investor isn't put off by the fact the company would still be liable for damages if My Box lost the court case, and told Stuff NZ that the still-unnamed investor had agreed to a counter-offer of NZ$12.5m (£6.41 million).

That means the business will shut down its New Zealand operations within 90 days, with its six employees losing their jobs in the process. Meanwhile Reddy refuses to name the company that's purchased his business, which is a little bit suspicious if you ask me.

It makes you wonder why any investor would purchase a company that relies on selling a product anyone with some basic knowledge could achieve. We've already seen here in the UK that there are numerous businesses that have popped up selling boxes with dodgy Kodi add-ons pre-installed, and seeing as how they rely on generic hardware running Android there's no reason why the alleged buyer could have used that £6.41 million to start up from scratch. It's not like My Box NZ has a list of active subscribers the new owner would be given access to, seeing as how the point was people only had to pay once.

It's a weird story, to be sure, but it's the kind of thing similar fledgling businesses will pay a great deal of attention to. Maybe, just maybe, they too can get to the point where a Chinese investor will buy them out in exchange for millions of pounds! It'a a nice dream, but with the copyright police refusing to back off on their efforts to take out the so-called 'Illicit Streaming Devices', and rights-holders being exceptionally litigious over copyright breaches, that dream is likely to stay that way. [TorrentFreak]