News Corp to Sell Foxtel to DAZN for $2.1 Billion, Strengthening DAZN's Global Sports Streaming Ambitions

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News Corp has agreed to sell its Australian cable TV unit, Foxtel, to Britain's DAZN for an enterprise value of $2.1 billion, including debt. This deal, which is valued at A$3.4 billion, marks a significant move in the sports broadcasting industry and aligns with DAZN's ambition to become a global leader in sports streaming.

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Foxtel, which has transformed into a digital and subscription-based platform, includes popular sports channels like Fox Sports and holds broadcasting rights for the Australian Football League (AFL). The acquisition will allow DAZN to expand its footprint in Australian sports, leveraging Foxtel's extensive content and subscriber base.

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As part of the deal, News Corp will receive a 6% minority equity stake in DAZN and a seat on its board. This transaction is expected to finalize in the second half of 2025, subject to regulatory approvals and other customary closing conditions. The sale will also help News Corp narrow its focus on key growth areas such as Dow Jones, digital real estate services, and book publishing.

The agreement with DAZN includes the refinancing of Foxtel's current debt at closing, ensuring a smooth transition for the acquired company. This move is seen as a strategic shift for News Corp, allowing it to divest from traditional media and invest in more lucrative and growing sectors.