News Corp Sells Foxtel to DAZN in $2.1 Billion Deal

NEW YORK CITY, US – Rupert Murdoch’s News Corp announced on Monday it is selling its Australian cable television business, Foxtel, to UK-based sports streaming giant DAZN for US $2.1 billion.

The deal signifies a major shift in Australia’s media landscape and is part of News Corp’s broader strategy to streamline its operations.

As part of the transaction, News Corp will retain a 6% stake in DAZN, a global platform backed by billionaire Len Blavatnik, known for his investments in media and entertainment.

Australian telecom powerhouse Telstra will also offload its 35% share in Foxtel to DAZN for AU $128 million, maintaining a smaller 3% stake in the newly structured entity.

DAZN, which has rapidly grown as a global sports streaming leader, hailed the acquisition as a milestone.

“This is incredibly exciting and marks another step in our long-term strategy to become the global home of sport,” said DAZN CEO Shay Segev.

The deal will also position DAZN to expand its Australian market presence with lucrative broadcast rights for cricket and Australian Rules football, among other local sports.

News Corp’s global chief executive, Robert Thomson, described the agreement as a win for sports enthusiasts.

“DAZN’s technological capabilities, global reach, and premium sports rights make them the ideal company to elevate Foxtel’s legacy into a new era,” he said.

For News Corp, the sale reflects its intent to sharpen focus on high-growth segments, including book publishing, financial services through Dow Jones, and digital real estate ventures.

“This agreement allows us to concentrate resources on these key sectors, positioning us for sustained growth,” added Thomson.

While the deal signals transformative change, it is subject to regulatory approval and is not expected to close until 2025.

Observers note that this delay gives stakeholders time to evaluate the broader implications of DAZN’s entry into the Australian market, particularly as streaming continues to disrupt traditional broadcasting models.