News Corp. To Sell Foxtel Group To DAZN Group For Enterprise Value A$3.4 Bln

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(RTTNews) - News Corp. (NWS, NWSA) said that it agreed to sell Foxtel Group to DAZN Group Limited, a premier global sports streaming platform, for Enterprise Value of A$3.4 billion.

As per the terms of the agreement, shareholder loans in the amount of A$578 million outstanding and owing to News Corp will be repaid in full in cash at closing. Foxtel's current debt will be refinanced at closing and transfer with Foxtel, and News Corp will hold a minority equity interest in DAZN of approximately 6% as well as one seat on its Board of Directors. Telstra Group Ltd will also sell its minority interest in Foxtel, have its shareholder loans of A$128 million repaid, and take a minority stake in DAZN of approximately 3%.

The transaction, which is expected to close in the second half of fiscal 2025, is subject to regulatory approvals and other customary closing conditions.

In a separate press release, Telstra announced an agreement to divest its 35 percent shareholding in Foxtel to DAZN alongside the divestment of News Corp's 65 percent shareholding. The transaction is not expected to have a material impact on Telstra's fiscal year 2025 guidance or profit and loss for the current financial year.