Sports Streaming Giant DAZN Acquires Australia’s Foxtel Group in $2.2 Billion Deal
Sports streaming company DAZN has made a significant move by purchasing Australia’s Foxtel Group from News Corp and Telstra in a deal valued at $2.2 billion. This acquisition will bring together Foxtel, the original pay-TV operator in Australia with 4.7 million subscribers, and DAZN, the global streamer owned by British billionaire Len Blavatnik. The Foxtel Group includes sports production company Fox Sports and offers a wide range of local and global entertainment content in Australia.
Rupert Murdoch’s News Corp stated that the agreement with DAZN follows a strategic review of Foxtel to optimize News Corp’s portfolio. Upon completion of the deal, News Corp and Telstra will become minority shareholders in DAZN, allowing them to retain an interest in Foxtel. The transaction is expected to be finalized by mid-2025, pending regulatory approvals.
DAZN has announced that Foxtel will maintain its local identity and will continue to be led by CEO Patrick Delany and the existing management team. With over 3,000 employees, DAZN reported $3.2 billion in revenue in 2023. The addition of Foxtel is projected to increase the combined company’s revenues to nearly $6 billion.
By acquiring Foxtel, DAZN aims to establish itself as a leader in sports entertainment in Australia while expanding its global presence. DAZN CEO Shay Segev expressed excitement about entering the Australian market, emphasizing the country’s passion for sports and the strategic fit between DAZN and Foxtel.
Foxtel’s Delany also welcomed the partnership with DAZN, highlighting the support of News Corp in transforming Foxtel into a streaming-led business. He expressed confidence that DAZN’s global reach and innovative approach will drive long-term success for the company.
News Corp CEO Robert Thomson mentioned that the sale of Foxtel will enable News Corp to focus on other growth areas while benefiting from the repayment of shareholder loans. News Corp will retain a minority equity stake in DAZN and continue its partnership with the streaming platform.
Under the terms of the agreement, shareholder loans owed to News Corp and Telstra will be repaid in full, and both companies will hold minority stakes in DAZN. DAZN, known for streaming over 90,000 live events annually, offers a wide range of sports content globally, including European football, boxing, MMA, and the NFL.
This acquisition marks a significant milestone for both DAZN and Foxtel, positioning them for further growth and innovation in the sports streaming industry.
