Foxtel is headquartered in Sydney.
Billionaire Rupert Murdoch’s News Corp has agreed to sell Foxtel Group to global sports streaming platform DAZN Group in a deal that values the Australian pay-TV provider at A$3.4 billion (21 billion U.S. dollars).
The deal is backed by Ukrainian-born billionaire Len Blavatnik. An attempt to give his eldest son Lachlan.
As part of the deal with Blavatnik’s DAZN, News Corp will own about 6% of DAZN and have a seat on the board, while a A$578 million shareholder loan owed to News Corp will be repaid in cash. Foxtel minority shareholder Telstra Group Ltd. will also sell its shares and hold about 3% of DAZN. The transaction is expected to close in the first half of 2025, pending regulatory approvals.
“This agreement is a win for News Corp shareholders, DAZN and sports fans in Australia and around the world,” News Corp chief executive Robert Thomson said in a statement on Monday. “Foxtel has transformed As Australia’s true digital and streaming leader, we believe DAZN is the right owner to take the business to the next level with its technology capabilities, global footprint and compelling sports rights.”
The deal also allows News Corp to focus on its growth pillars, including Dow Jones, digital real estate and book publishing, while repaying shareholder loans will improve the company’s credit profile, Thomson added.
Shay Segev said: “Australians watch more sport than any other country in the world, making this deal an incredibly exciting opportunity for DAZN to enter a key market and mark our emergence as the global home of sport. has taken another step forward in its long-term strategy.
Founded in 2016, the company is a rapidly growing live sports company with revenue expected to reach $3.2 billion by 2023.
