News Corporation
(ASX:NWS) has announced the sale of its 65% stake in Foxtel Group to DAZN Group Ltd for an enterprise value of $3.4bn.
Under the terms of the agreement, News Corp will receive repayment of $578m in shareholder loans and retain a 6% equity stake in DAZN, securing a seat on its board.
Telstra Group
(ASX:TLS), which holds a 35% stake in Foxtel, will also sell its share, receiving $128m in loan repayments and a 3% stake in DAZN.
DAZN is a global sports streaming platform operating in over 200 markets, offering live and on-demand coverage of more than 90,000 events annually, including top leagues like Bundesliga, La Liga, and Formula 1. Its revenues surpassed $3.2bn in 2023.
The deal values Foxtel at over seven times its FY2024 EBITDA. Foxtel’s CEO, Patrick Delany, and his team will continue to manage the business, with DAZN’s global reach providing further growth opportunities.
News Corp CEO Robert Thomson called the agreement a “victory for shareholders” and emphasised the company’s focus on its growth segments, including Dow Jones, digital real estate services and book publishing. The transaction is expected to close in the second half of FY2025, subject to regulatory approvals.
Shares in News Corp are trading 1.61% higher at $49.85.
