In a statement, Telenet says that in 2019 the Horizon Agreement was entered into for a three-year term expiring on December 31, 2021, with the option for Telenet to extend it twice with a one-year term. It has now been extended until December 31, 2022 on the same terms and conditions as the Horizon Agreement, with the fees calculated on the basis of the same methodology as in 2021.
It adds that in 2019, the company considered the Horizon 4 video platform and the related Horizon Go application to offer a future proof, high end and feature rich video platform, among the most advanced products in the market, and this continues to be confirmed in practice. Telenet has also considered the additional features, functionalities and subscribers that have been added since 2019 and are expected to be added in 2022. The total cost Telenet estimates to incur in relation to the extension is estimated at €20.4 million, which the Company considers consistent with comparable high-end platforms.
It adds that Article 7:97 of the Belgian Code of Companies and Associations was applied to the transaction, as LG is a subsidiary of Liberty Global plc, the ultimate parent company of the company.