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News Corp said Wednesday it has finalized the sale of Australian pay-TV operator Foxtel Group to global sports streaming provider DAZN.
It was revealed in December 2024 that DAZN was buying Foxtel Group from majority shareholder News Corp and minority shareholder Telstra in a deal with an enterprise value of $2.2 billion.
The transaction, which has now received all necessary regulatory approvals from Australian authorities including the Foreign Investment Review Board and the Australian Competition and Consumer Commission, features a A$592 million ($372.6 million) repayment of shareholder loans to News Corp. The Rupert Murdoch-controlled media giant also secured an approximately 6% minority stake in DAZN, along with a board seat for News Corp senior VP and deputy CFO Andrew Cramer.
“Foxtel’s successful transformation to becoming a leading provider of sports and entertainment is a result of the team’s tenacity, creativity and professionalism,” News Corp chief executive Robert Thomson said in a statement. “Foxtel employees should be proud of their contribution to that success in the ultra-competitive content contest.”
The deal represents a significant strategic pivot for News Corp, which is increasingly focusing on its core growth pillars. According to CFO Lavanya Chandrashekar, these divisions drove more than 95% of the company’s total segment EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) in its fiscal second quarter.
“It will also meaningfully strengthen our balance sheet, and should reduce future capital intensity and improve return on invested capital,” Chandrashekar added. “We expect the disposition will also be accretive to earnings per share.”
News Corp platforms will remain committed to supporting Australian sport and entertainment, according to the deal completion announcement, with Thomson noting the company is “confident that DAZN is poised to drive the next phase of Foxtel’s growth and we are delighted to be DAZN’s partner and shareholder.”
