Foxtel Sold to DAZN for $3.4 Billion

News Corp and Telstra have agreed to sell Foxtel Group to British sports streaming company DAZN for A$3.4 billion, a deal that includes the repayment of outstanding debts. This strategic move marks a significant shift for News Corp, allowing it to focus on its core businesses while providing DAZN an entry into the lucrative Australian sports market. DAZN CEO Shay Segev expressed excitement about the acquisition, highlighting plans to leverage Foxtel's existing streaming services and enhance its sports broadcasting capabilities. Following the sale, Foxtel will maintain local leadership under CEO Patrick Delany, with both News Corp and Telstra retaining minority stakes in DAZN. The transaction is expected to close in the second half of 2024/25, pending regulatory approvals. This acquisition positions DAZN as a stronger player in the global sports streaming landscape, aiming to capitalize on Australia's sports viewership.