News Corp completes sale of Foxtel to DAZN

News Corp has finalised the sale of Foxtel Group to global sports streaming platform DAZN, marking a major shift in Australia’s media and entertainment landscape.

The deal, completed today, follows regulatory approvals from the Foreign Investment Review Board, the Australian Competition and Consumer Commission, and other authorities. News Corp has received approximately AU$592 million in shareholder loan repayments, along with a 6% minority equity interest in DAZN as part of the agreement.

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News Corp’s senior vice president and deputy chief financial officer Andrew Cramer has joined DAZN’s board following the transaction.

In a statement, News Corp chief executive Robert Thomson said the sale marked a new chapter for Foxtel and highlighted the platform’s successful transformation in recent years.

“Foxtel’s successful transformation to becoming a leading provider of sports and entertainment is a result of the team’s tenacity, creativity and professionalism,” Thomson said. “We are confident that DAZN is poised to drive the next phase of Foxtel’s growth and we are delighted to be DAZN’s partner and shareholder.”

The transaction is part of News Corp’s wider strategy to sharpen focus on its core growth areas. News Corp chief financial officer Lavanya Chandrashekar said the deal would strengthen the company’s balance sheet and improve returns.

“The sale of Foxtel is significant for News Corp and will enable greater focus on our core growth pillars, which drove over 95 per cent of total segment EBITDA in the company’s fiscal second quarter,” Chandrashekar said. “It will also meaningfully strengthen our balance sheet, and should reduce future capital intensity and improve return on invested capital. We expect the disposition will also be accretive to earnings per share.”

The Foxtel Group, which includes brands such as Fox Sports, Binge, and Kayo, has undergone major transformation in recent years as it pivoted toward digital and streaming services.

The acquisition positions DAZN to strengthen its presence in the Australian market, where it has previously focused on boxing and niche sports. Details of DAZN’s local plans are expected to be announced in coming weeks.