December 22nd 2024.
News Corp, a global media conglomerate, has recently announced that it will be selling its pay TV giant, Foxtel, to the popular sports network, DAZN, in a deal totaling $3.4 billion. The transaction is expected to be finalized in the second half of 2025, giving DAZN, a billionaire-backed sports streaming platform, ownership of Foxtel.
Len Blavatnik, a wealthy businessman and owner of Access Industries, which controls DAZN, will now also have control of Foxtel. This acquisition will allow Foxtel to expand its offerings into the global sports market, a move that Foxtel's CEO, Patrick Delaney, says they are thrilled about. He also mentions the unwavering support and guidance from News Corp that has helped Foxtel successfully reinvent itself as a dynamic, streaming-led business.
As part of the deal, Foxtel will have access to DAZN's global reach and advanced technology, which will aid in their transformation. However, Delaney reassures that Foxtel will remain an Australian-based business, led by local management, and will continue to produce locally-made sports and entertainment content for its audiences.
DAZN's CEO, Shay Segev, also expressed excitement about this new venture, stating that Australians have a strong passion for sports, making it a prime market for DAZN. He sees this as a crucial step in their long-term goal of becoming the global destination for sports.
In addition to DAZN, Access Industries also holds stakes in other major companies such as Warner Music Group and French music platform Deezer. News Corp's CEO, Robert Thomson, described this sale as a victory for both News Corp shareholders and sports fans worldwide. This decision to sell Foxtel comes after News Corp received interest from third parties earlier this year.
With the sale of Foxtel, News Corp will now be able to focus on its other key growth segments, including real estate and book publishing. This move aligns with their strategy to continuously evolve and adapt to the ever-changing media landscape.
It is worth noting that Foxtel's rival streaming service, Stan, is owned by Nine, the publisher of this website. However, DAZN's CEO emphasizes that they are not looking to compete with other streaming services, but rather provide a unique and comprehensive sports streaming experience for their users.
In conclusion, this sale of Foxtel to DAZN is a significant move that will benefit all parties involved, including News Corp shareholders, DAZN, and most importantly, sports fans around the world. With this acquisition, DAZN takes a step closer to becoming the go-to destination for sports, while Foxtel expands its offerings and continues to be a proudly Australian-based business.
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