News Corp has successfully completed the sale of its cable-TV business Foxtel to DAZN Group Limited for $2.14 billion USD. Approved by the Australian Competition and Consumer Commission, this transaction marks a significant strategic shift for News Corp.
Sale of Foxtel to DAZN
News Corp has finalized the sale of its Australian cable-TV business Foxtel to DAZN Group Limited for A$3.4 billion. As part of the deal, News Corp will receive a minority interest of about 6% in DAZN, and Andrew Cramer from News Corp will join DAZN’s board.
Strategic Shifts for News Corp
The sale of Foxtel allows News Corp to focus on its core growth sectors. By divesting from the cable-TV business, the company aims to streamline operations and strengthen its financial position, reducing future capital requirements and enhancing returns on invested capital.
Prospects for Foxtel and DAZN
With the acquisition of Foxtel, DAZN is positioned to lead the next phase of growth for the cable-TV business. DAZN’s expertise in sports streaming is anticipated to revitalize Foxtel, leveraging the existing infrastructure to expand its offerings.
The sale of Foxtel to DAZN strengthens News Corp's position, allowing it to focus on core business segments. Meanwhile, DAZN gains new opportunities for expansion and leadership in the cable-TV industry.
