Media

News Corp Sells Foxtel to DAZN in $2.1B Streaming Deal

DEC 23 2024·Updated DEC 24 2024

Story

Above: Rupert Murdoch's News Corp. headquarters in New York. Image credit: Scott Eells/Contributor/Bloomberg via Getty Images

The Facts

Rupert Murdoch's News Corporation has agreed to sell its Australian cable TV unit Foxtel to British sports streaming platform DAZN for A$3.4B ($2.1B), including debt. The deal is expected to close in the second half of 2025.
CNN
CNBC
Under the agreement, News Corp will receive a 6% stake in DAZN and a board seat, while Telstra will sell its minority stake and receive a 3% share in DAZN. Both companies will have their shareholder loans repaid in full.
TheWrap
DAZN, backed by Ukrainian-born billionaire Len Blavatnik, is a global streaming platform that broadcasts major sports leagues — including Serie A, LaLiga, Bundesliga, and Ligue 1 — and serves over 300M viewers across 200 markets.
TheWrap
RTE.ie
Launched in 1995, Foxtel has struggled with profitability despite launching its streaming services as subscribers switched to cheaper streaming alternatives.
RTE.ie
The deal values Foxtel at seven times its 2024 earnings before interest, tax, depreciation, and amortization. Current CEO Patrick Delany will continue to lead the organization under DAZN ownership.
TheWrap
CNN
The transaction requires regulatory approval from Australia's Foreign Investment Review Board due to DAZN's overseas ownership structure.
CNN
Arab News

Sources Split

LEFT

CENTER

RIGHT

ESTAB
CRIT

CENTER

PRO
ESTAB

The Spin

Narrative A

The deal represents a strategic victory for News Corp. It enables the company to focus on its more profitable core businesses, shed a struggling traditional media asset, and maintain exposure to the growing sports streaming market through its stake in DAZN.

CEO Today

News Corp

Narrative B

Foxtel's traditional premium pricing model has been unsustainable in the streaming era, and DAZN's entry into the Australian market could reshape the pricing landscape with more competitive rates, potentially disrupting the existing sports broadcasting ecosystem.

CNN