Foxtel will be sold to UK based sports streamer DAZN for $3.4 billion in a blockbuster deal set to shake up Australia’s media and sports landscape. The landmark agreement ends News Corp’s 30-year ownership of Foxtel, which launched in 1995 and has in recent years transformed into a streaming powerhouse.
Foxtel's junior ownership partner Telstra is offloading its 35 per cent stake as part of the sale. All Fox Sports operations will move across to DAZN. Sky News Australia will continue to be owned by News Corp and operated by Foxtel.
Under the terms of the deal , Foxtel will repay a $578m loan to News Corp in full and a smaller loan to Telstra. Foxtel will take a six per cent stake of DAZN and have a seat on DAZN’s board. Telstra will have a three per cent stake in DAZN.
The sale was first floated earlier this year when News Corp’s global chief executive Robert Thomson said the growth of Foxtel’s streaming arms, Kayo and BINGE, had attracted interest from potential buyers. The sale is expected to go through in the second half of fiscal 2025. Mr Thomson said on Monday: “With technological expertise and an impressive catalogue of international sports rights, DAZN will bolster Foxtel’s long-term prospects as a leader in sports and entertainment in Australia and around the world.
Foxtel CEO Patrick Delany has welcomed the sale to DAZN. “The sale to DAZN is a testament to the collective dedication that will surely fashion Foxtel’s fortunes far into the future. “D.
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