SYDNEY: Following a strategic and financial review of Foxtel initiated by News Corp, Telstra today announced an agreement to divest its 35 per cent shareholding in Foxtel to DAZN alongside the divestment of News Corp’s 65 per cent shareholding announced this morning.

Telstra will receive $128 million in cash for repayment of shareholder loans and will hold a 3 per cent shareholding in DAZN. The transaction is not expected to have a material impact on Telstra’s FY25 guidancei or profit and loss for the current financial year.

Telstra has maintained a minority investment in Foxtel following its combination with Fox Sports in 2018 and has welcomed the transformation of the Foxtel business in recent years with new streaming offerings including Kayo and Binge.

The sale of Foxtel to DAZN, a global sports streaming platform, represents an opportunity for the continued evolution of Foxtel’s digital-first sports and entertainment offering within a global platform.

Telstra CEO Vicki Brady said, “Now is the right time for this change. Foxtel is a world-class streaming service, and I look forward to its continued success under DAZN’s ownership.”