Christmas has come early for News Corp after it sold its TV giant Foxtel to a global sports network in a neat little AUD $3.4 billion deal. AKA an amount of money considered a stocking-stuffer by News Corp owner Rupert Murdoch.
In a sale from one billionaire-backed media company to another billionaire-backed media company, Foxtel and the streaming services it oversees will soon be owned by sports-streaming network DAZN.
The global sports-network is owned by Len Blavatnik, a British-Ukrainian businessman with an estimated net worth of AUD $32.1 billion, and is the second richest man in Britain. Blavatnik is the key owner of Access Media, which own many assets including Warner Music and A24.
Now it’s adding to its catalogue just in time for Christmas. DAZN will soon take over the whopping number of sports broadcasted by Foxtel and its subsidiary streaming services (Kayo, Binge, Hubbl), by putting them on the global market.
“Australians watch more sport than any other country in the world, which makes this deal an incredibly exciting opportunity for DAZN to enter a key market, marking another step in our long-term strategy to become the global home of sport,” said DAZN CEO Shay Segev.
News Corp, who owns a 65 per cent share of Foxtel, sold the pay TV and streaming service to DAZN, after looking to sell the network earlier this year. This deal is expected to take six months to finalise.
Once complete, DAZN will have rights to internationally broadcast major Aussie sports like AFL, NRL, and cricket.
Though the deal impacts the owner of streaming services Binge, Kayo, and Hubbl, Australian customers should not expect any immediate changes to their subscriptions.
Additionally, as part of the purchase Foxtel will be able to pay off its current $578 million debt to its owner News Corp, as well as $128 million to its other owner, Telstra. Both former owners of Foxtel will also gain minority stakes in DAZN as a perk of the deal.
News Corp’s chief executive Robert Thompson called the agreement a “victory for News Corp shareholders, DAZN, and sports fans around the world”.
So Merry Christmas to News Corp owner and chairman emeritus Rupert Murdoch, I guess.
Lead Image: Getty
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