Australia-based streaming service Guvera has acquired the Blinkbox Music from Tesco.

The deal was first rumoured earlier this month and has now been confirmed as part of Guvera's plans to expand into Western Europe.

While no figures have been revealed, Guvera is said to have paid £5m - less than half the £12m Tesco paid for Blinkbox Music, which was then called We7, in 2012.

Blinkbox's divestment is part of Tesco's wider cost-cutting plans. Its movie streaming business will be ...