The noise surrounding a potential Foxtel Group transaction has quickly been turned into a media story about ‘Foxtel for sale’. News Corp chief executive Robert Thomson revealed an approach from a third party this morning as News Corp released its full-year results. Thomson is great with language (and a real loss to journalism).
Below we detail his comments to questions this morning and look at the list of potential buyers for News Corp’s subscription TV business . See also: News Corp profits – FY 2024 second best year on record, reviewing potential Foxtel transaction “We are confident in the Company’s long-term prospects and are continuing to review our portfolio with a focus on maximizing returns for shareholders. That review has coincided recently with third-party interest in a potential transaction involving the Foxtel Group, which has been positively transformed in recent years with record numbers of streaming subscribers, low broadcast churn and rising broadcasting a streaming ARPU.
We had no imminent intent to sell Foxtel, but are reviewing potential strategic and financial options for the business with our advisors and engaging with third parties in light of that external interest.” “Third-party interest” could mean a sale, but it is hardly confirmation of a bid or even a negotiation for a sale. “Imminent intent” is an interesting choice of phrase though.
But Thomson needs to be taken on his word that News was not looking to sell Foxtel, now, in t.