Blitz Bureau
RUPERT Murdoch’s News Corp has agreed to sell its Australian cable-TV unit Foxtel to British-owned sports network DAZN for A$3.4 billion ($2.1 billion) including debt.
News Corp will gain a board seat and hold a 6 per cent stake in DAZN, a London-headquartered streaming platform, while DAZN (pronounced Da Zone) gains streaming rights to Australian Football League and the National Rugby League, according to Reuters.
As Foxtel navigates expensive sports rights and competes with global digital behemoths, the deal highlights News Corp’s push to streamline its portfolio as Murdoch shapes the future of his media empire. The valuation on Foxtel represents seven times its 2024 earnings before interest, tax, depreciation and amortisation, News Corp said in a statement.
DAZN, which streams in North America, Europe, and Asia, is backed by Ukrainian-born billionaire Len Blavatnik, a dual U.S. and British citizen.
He owns DAZN through his New Yorkbased investment firm Access Industries, whose investment portfolio is valued at more than $35 billion. It also owns a majority stake in Warner Music Group.
DAZN competes against traditional TV and satellite channels and provides a range of sports content, including American football, boxing and baseball. It broadcasts European football in partnership with Italy’s Serie A, Spain’s LaLiga, Germany’s Bundesliga and France’s Ligue 1. Foxtel, launched in 1995, has struggled as subscribers shift to cheaper streaming services such as Netflix.
