News Corp. and Telstra have agreed to sell their majority stake in Australian media company Foxtel Group to sports streaming platform DAZN for approximately $2.1 billion. As part of the deal, shareholder loans owed by Telstra will be repaid in full in cash, while News Corp. will retain a minority equity interest in DAZN and take one seat on its board.
Foxtel, which owns 65% of the company, will continue to operate under CEO Patrick Delany and his team. The deal is expected to close by mid-2025, pending regulatory approvals. DAZN has stated that it plans to expand its market reach and sports programming mix in Australia, capitalizing on the country’s high sport-watching habits.
News Corp. CEO Robert Thomson expressed support for the deal, citing Foxtel’s digital transformation as a success story. The company aims to focus on other growth areas such as Dow Jones, Digital Real Estate, and Book Publishing while reaping benefits from loan repayment and improved credit profiles.
Source: https://www.hollywoodreporter.com/business/business-news/news-corp-telstra-sell-foxtel-dazn-1236092686