The highly anticipated sale of Australian pay-TV operator Foxtel Group to global sports streaming provider DAZN has been finalized, according to News Corp. The deal, valued at $2.2 billion, was first announced in December 2024 and has now received all necessary regulatory approvals from Australian authorities.
As part of the transaction, News Corp will receive a repayment of shareholder loans amounting to A$592 million ($372.6 million) and will also secure a minority stake of approximately 6% in DAZN. Additionally, News Corp’s senior VP and deputy CFO, Andrew Cramer, will be granted a seat on DAZN’s board.
News Corp’s chief executive, Robert Thomson, commended Foxtel’s transformation into a leading provider of sports and entertainment, attributing the success to the team’s dedication and creativity. This strategic pivot for News Corp aligns with its focus on core growth pillars, which drove over 95% of the company’s total segment EBITDA in the fiscal second quarter.
CFO Lavanya Chandrashekar emphasized that the sale of Foxtel Group will strengthen News Corp’s balance sheet, reduce capital intensity, and improve return on invested capital. The disposition is expected to be accretive to earnings per share, providing a boost to the company’s financial performance.
Despite the sale, News Corp remains committed to supporting Australian sport and entertainment through its platforms. Thomson expressed confidence in DAZN’s ability to drive the next phase of Foxtel’s growth and highlighted News Corp’s excitement to be a partner and shareholder of DAZN.
Overall, the completion of the deal signifies a new chapter for Foxtel Group under DAZN’s ownership, with News Corp poised to benefit from the transaction both financially and strategically. Stay tuned for further developments as DAZN takes the reins of this prominent player in the Australian pay-TV market.
