News Corp. sells Foxtel Subscription TV Service and Streaming Service

What you need to know

• News Corp., Telstra and their Australian partner sold Foxtel’s streaming and subscription service for a total enterprise value $2.12 billion Australian Dollars to DAZN Group.
• News Corp. will receive $360 Million in shareholder loans.
• News Corp gets a 6 percent stake in DAZN Group as well as a seat at the DAZN Group board.

News Corp. (NWSA), Rupert Murdoch’s media firm, and Australian telecom provider Telstra have agreed to transfer their interests in Foxtel subscription TV service and sports streaming to DAZN Group at an enterprise value worth 3.4 billion Australian Dollars ($2.12 Billion).

News Corp stated that the A$578m ($360m) of shareholder loans to the company will be paid in full as part the agreement. The company also gets a 6 percent stake in DAZN in London and a board seat.

The company explained that the decision came following "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 Company."

Robert Thomson, the CEO of News Corp. added that it is a great opportunity for the company. “to focus on our other growth pillars of Dow Jones, Digital Real Estate and Book Publishing, while benefiting from repayment of our shareholder loans and an improved credit profile.”

News Corp’s shares are currently up by 14% on a year-to date basis.

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