News Corp Divests Foxtel in A$3.4 Billion DAZN Deal

News Corp has sold its Australian cable TV unit Foxtel to DAZN for A$3.4 billion. This move reduces News Corp's cable business exposure, highlights DAZN's expansion into a sport-loving market, and allows News Corp to refocus on core businesses. Regulatory approval is pending for deal completion in 2025.

News Corp has announced the sale of its Australian cable TV unit, Foxtel, to the British-owned sports network DAZN in a deal valued at A$3.4 billion, including debt. The transaction marks a strategic shift for the Murdoch-controlled media empire, reducing its exposure to the rapidly evolving cable TV market, heavily impacted by the rise of streaming platforms.

DAZN, a global streaming giant backed by Ukrainian-born billionaire Len Blavatnik, will gain a foothold in the Australian market renowned for its sports-loving audience. With partnerships across major European football leagues, DAZN aims to reshape the sports broadcasting landscape in Australia, propelled by this acquisition.

The deal is set for completion in the latter half of 2025, pending regulatory approval from Australia's Foreign Investment Review Board. As part of the agreement, shareholder loans and existing debts will be resolved, marking a fresh chapter for Foxtel under DAZN's stewardship. News Corp will maintain a board seat and a minority stake in the expanded DAZN operation.

(With inputs from agencies.)