DAZN Acquires Foxtel for $3.4 Billion

UK-based sports streaming platform DAZN has acquired the majority of shares in Australian pay TV company Foxtel for $3.4 billion, marking a significant shift in the local media landscape. The deal allows News Corp to retain a 6% stake in DAZN and a board seat, while Telstra will hold a 3% stake after receiving cash for outstanding loans. Foxtel, which boasts 4.7 million subscribers and has undergone a digital transformation under News Corp, will continue to operate with its current management team. DAZN CEO Shay Segev emphasized the opportunity to enhance Foxtel's offerings and expand its reach in the sports streaming market. Despite DAZN's recent financial losses, the acquisition positions it as the largest player in sports streaming in Australia. The transaction highlights the growing competition in the media sector as streaming services continue to evolve.