News Corp completes sale of Foxtel to DAZN 

SYDNEY: News Corporation announced Wednesday it has finalized the sale of Foxtel Group to DAZN Group Limited, marking a significant shift in its portfolio.

The deal, approved by Australian regulators, includes a repayment of A$592 million in shareholder loans to News Corp and grants the company a 6% minority equity stake in DAZN. 

Andrew Cramer, News Corp’s senior vice president and deputy chief financial officer, has joined DAZN’s board as part of the agreement. News Corp emphasized its continued support for Australian sports and entertainment through its platforms. 

Foxtel, a leading sports and entertainment provider, underwent a successful transformation under News Corp’s ownership. CEO Robert Thomson praised Foxtel employees for their “tenacity, creativity and professionalism” in a competitive market. He expressed confidence in DAZN’s ability to fuel Foxtel’s next growth phase, calling the partnership “a strategic opportunity.” 

Chief Financial Officer Lavanya Chandrashekar said the sale aligns with News Corp’s focus on core growth areas, which accounted for over 95% of its segment EBITDA last quarter. The transaction is expected to strengthen the company’s balance sheet, reduce capital demands, and boost earnings per share. 

DAZN, a global sports streaming service, gains a stronger foothold in Australia with the acquisition. Regulatory approvals included clearance from the Foreign Investment Review Board and the Australian Competition and Consumer Commission.