DAZN acquires Foxtel, gaining access to key Australian sports rights and expanding its global streaming dominance. News Corp retains a 6% stake.
 |
| News Corp has sold its Australian cable-TV unit Foxtel to sports streaming giant DAZN for $2.1 billion, marking a significant strategic shift for the media conglomerate. Image Courtesy: The Australian |
Canberra, Australia - December 24, 2024:
News Corp has announced the sale of its Australian cable-TV subsidiary, Foxtel, to the British-owned sports streaming service DAZN for A$3.4 billion ($2.1 billion). This move marks a significant step for News Corp as it streamlines its portfolio and navigates the evolving media landscape dominated by streaming platforms.
DAZN, backed by billionaire Len Blavatnik, will acquire Foxtel, including its debt, while News Corp will retain a 6% stake in the streaming platform and secure a board seat. This acquisition will grant DAZN access to crucial sports rights, including the Australian Football League and the National Rugby League.
The sale of Foxtel, which has faced increasing competition from global streaming giants, is seen as a positive development by analysts. Morgan Stanley noted that Foxtel was one of News Corp's weaker assets, and the higher-than-expected sale price is a welcome outcome.
DAZN, a prominent player in the global sports streaming market, offers a diverse range of sporting content across North America, Europe, and Asia. This acquisition strengthens DAZN's position in the Australian market, further expanding its reach and content library.
This deal underscores News Corp's strategic shift towards a more streamlined and focused media portfolio as the company adapts to the changing media landscape.