Sports streaming company DAZN is buying Australia’s Foxtel Group from majority shareholder News Corp and minority shareholder Telstra in a deal with an enterprise value of $2.2 billion.
The deal, which is subject to regulatory approval, will bring together Foxtel – Australia’s original pay-TV operator, with 4.7 million subscribers – with DAZN, the private global streamer owned by British billionaire Len Blavatnik. Foxtel Group’s operations include sports production company Fox Sports and is home to local and global entertainment content in Australia.
Rupert Murdoch’s News Corp said the deal with DAZN follows a strategic and financial review of Foxtel “as part of News Corp’s ongoing efforts to optimize its portfolio and simplify the structure of the business.” Under the terms of the transaction, News Corp and Telstra will become minority shareholders in DAZN, allowing them to retain a stake in Foxtel. The deal is expected to close in mid-2025, subject to regulatory approvals and other customary closing conditions.
Foxtel will “retain its local character” and will continue to be led by CEO Patrick Delany and the current management team, DAZN said. Founded in 2016, DAZN has more than 3,000 employees and says it will generate $3.2 billion in revenue by 2023. The addition of Foxtel to DAZN will push the combined company’s pro-forma revenues towards $6 billion.
The acquisition “affirms DAZN as a leader in sports entertainment in Australia” while also expanding DAZN’s global footprint, DAZN said.
“Australians watch more sport than any other country in the world, making this deal an incredibly exciting opportunity for DAZN to enter a key market, marking another step in our long-term strategy to become the global home of sport” , said Shay, CEO of DAZN. Segev said this in a statement. “Foxtel is a successful company that has undergone a remarkable digital transformation in recent years, and we are confident that our global reach and relentless pursuit of innovation will continue to drive the company forward and ensure long-term success.”
Foxtel’s Delany said in a statement: “Thanks to News Corp’s continued support and guidance, Foxtel has successfully reinvented itself into a dynamic streaming-led business delivering strong financial performance. We are excited to begin the next chapter with DAZN, a leading global sports streaming provider, as our new shareholder. DAZN’s support will strengthen our needed strategy, provide access to their global reach and strengthen the infrastructure and technology to accelerate our transformation. Most importantly, we will continue to be a proud Australian-based company, led by local management, committed to delivering locally produced sports and entertainment content to our audiences.”
DAZN streams more than 90,000 live events annually and is available in more than 200 markets worldwide. DAZN is home to European football, women’s football, boxing and MMA, and the NFL internationally. The platform offers sports and competitions from around the world, including Bundesliga, Serie A, LALIGA, Ligue 1, Formula 1, NBA, Moto GP and others, including the FIFA Club World Cup 2025.