Rupert Murdoch's News Corp and Telstra have agreed to sell their Australian cable TV and streaming business Foxtel to DAZN, a British sports streaming platform. The deal valued Foxtel at over $2 billion, including debt. News Corp will retain a 6% stake in DAZN, while Telstra will hold a 3% stake. Foxtel has long been a drag on News Corp’s profitability and has struggled as subscribers shifted to cheaper streaming alternatives like Netflix. The company has responded by launching its own streaming service at a lower price point. DAZN’s entry into the Australian market aligns with its global strategy to become a leading sports streaming platform. Shares of News Corp and Telstra saw modest gains in early trading.
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00:00It's Benzinga bringing Wall Street to mainstream.
00:02Murdoch's News Corp and Telstra have agreed to sell their Australian cable TV and streaming
00:07business, Foxtel de Dizon, a British sports streaming platform. The deal valued Foxtel
00:12at over $2 billion, including debt. News Corp will retain 6% stake in Dizon, while Telstra
00:19will hold a 3% stake. Foxtel has long been a drag on News Corp's profitability and has struggled
00:24as subscribers shifted to cheaper streaming alternatives like Netflix. The company has
00:29responded by launching its own streaming service at a lower price point. Dizon's entry into the
00:34Australian market aligns with its global strategy to become a leading sports streaming platform.
00:39Shares of News Corp and Telstra saw modest gains in early trading.