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News Corp said on Wednesday that it has completed the sale of the Australian PAY TV operator Foxtel Group to the global sports streaming provider Dazn.
In December 2024 it was revealed that Dazn Foxtel Group of majority shareholder News Corp and minority shareholder Telstra bought in a deal with a operating value of $ 2.2 billion.
The transaction, which has now received all the necessary approval of the regulatory authorities from the Australian authorities, including the Foreign Investment Review Board and the Australian Competition and Consumer Commission, contains an A $ 592 million ($ 372.6 million) refund of shareholders to News Corr. De Rupert Murdoch-controlled media giant media giant also has an approximately 6% minority stake in Dazn in Dazn in Dazn in Dazn in Dazn in Dazn. Andrew Cramer.
“The successful transformation from Foxtel to becoming a leading supplier of Sport and Entertainment is the result of the tenacity, creativity and professionalism of the team,” said New Corpectur Robert Thomson in a statement. “Foxtel employees must be proud of their contribution to that success in the ultra-competitive content competition.”
The deal is an important strategic pivot for News Corp, which is increasingly focusing on its core growth pillars. According to CFO Lavanya Chandrashhekar, these divisions have driven more than 95% of the total segment EBITDA of the company (profit, taxes, depreciation and amortization) in its tax second quarter.
“It will also meanfully strengthen our balance sheet and must reduce future capital intensity and improve the return on invested capital,” Chandrashekar added. “We expect that the institution will also be with the profit per share.”
News Corp -Platforms will be committed to supporting Australian sport and entertainment, according to the announcement of the deal completion, where Thomson notes that the company is “convinced that Dazn is ready to stimulate the next phase of Foxtel’s growth and we are pleased to be Dazn’s partner and shareholder.”