News Corp Enters Agreement to Sell Streaming Unit to British Media Firm DAZN

MT Newswires Live12-23 08:36

News Corp (ASX:NWS) entered an agreement to sell its sports and entertainment content streaming unit, Foxtel Group, to British sports media company DAZN for AU$3.4 billion, according to a Monday filing with the Australian bourse.

Under the agreement, News Corp will receive AU$578 million in shareholder loan repayment, the filing said. It will also own a 6% stake in DAZN and have one seat on the DAZN board.

The deal values Foxtel at over seven times its fiscal 2024 earnings before interest, taxes, depreciation, and amortization. It will allow News Corp to focus on its three core growth segments, Dow Jones, digital real estate, and book publishing, the company said.

The transaction is expected to close in the second half of fiscal 2025, subject to regulatory approval.

Concurrently, Telstra Group (ASX:TLS) will sell its 35% stake in Foxtel to DAZN for AU$128 million in cash and a 3% stake in DAZN, a separate filing showed.

News Corp's shares were up almost 2% in recent Monday trade.

Price (AUD): $49.86, Change: $+0.80, Percent Change: +1.63%

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