DAZN has acquired Australian broadband company Foxtel Group from majority shareholder Rupert Murdoch’s News Corp, and minority shareholder Telstra, in a deal valued at $2.2 billion. The acquisition is expected to be completed during the second half of fiscal 2025, pending regulatory approval.
The deal establishes DAZN as a leader in the Australian sports entertainment market, enhancing its global reach and footprint. With Foxtel’s addition, DAZN’s pro-forma revenues are estimated to reach $6 billion, providing further content, expertise, and expansion opportunities for growth.
Foxtel is one of Australia’s leading media companies, with 4.7 million subscribers. The acquisition will bring access to DAZN’s portfolio of sports content, cementing Foxtel as a digital-first, streaming-focused business. CEO Patrick Delany has assured that the company will “maintain its local character” and current management team.
As part of the deal, News Corp and Telstra become minority shareholders in DAZN. News Corp retains a 6% stake and one seat on the Board of Directors, while Telstra holds approximately 3%. The companies’ shareholder loans will be repaid in full at closing.
Executive statements from DAZN’s CEO Shay Segev and Foxtel Group CEO Patrick Delany highlight the opportunities for growth and innovation. DAZN aims to expand its global audience for domestic Australian sports, while Foxtel seeks to leverage DAZN’s technology to enhance its services.
News Corp chief executive Robert Thomson praised the deal as a “victory” for shareholders, DAZN, and sport fans in Australia and worldwide. The acquisition solidifies Foxtel’s transformation into a digital leader in Australia, allowing News Corp to focus on other growth pillars while benefiting from repayment of loans and an improved credit profile.
Source: https://deadline.com/2024/12/dazn-acquires-foxtel-news-corp-rupert-murdoch-1236240585