Dazn takes over at Foxtel as sale completes
The sale of the Foxtel Group to UK-based global sports broadcaster Dazn has been completed.
The $3.4 billion sale was given the green light by the Foreign Investment Review Board, the ACCC, and other regulatory authorities.
Foxtel will be known as “a DAZN company” (pronounced “da zone”, as in “the zone”), which it said in a release announcing the sale, will “reinforce its connection to a global leader in sports entertainment.” Foxtel, Kayo Sports, Binge, and Hubbl will retain their brand identities.
The integration process will be phased, “ensuring a seamless transition for employees, partners, and customers.”
News Corp, which owned 35% of the Foxtel Group, received $592 million and a minority equity interest in DAZN of approximately 6%.
Patrick Delany, CEO of Foxtel Group, said in a statement that the sale “allows the Foxtel Group to remain an Australian-based business, with an Australian team.” He said that, as part of Dazn, “we now benefit from their global scale, their leading technology platform and their track-record in innovation that will allow us to more effectively compete with the global streaming giants.”
Patrick Delany
It will also help Foxtel fight the overseas streamers for sporting rights, as well as to expand the audiences for local sporting rights.
“A big part of what drives us at Foxtel is bringing the best sports and the best sports production to our subscribers,” Delany said.
“We now have the opportunity to take the AFL and NRL, our two largest and most iconic Australian sports, to a massive global audience. For our Australian subscribers, it creates the opportunity to enjoy even more of the world’s best sports.”
Shay Segev, CEO of Dazn, calls Australia “a key sports market with passionate fans.” He said the sale will “unlock incredible opportunities for sports fans, advertisers, and partners.”
Robert Thomson
News Corp’s chief executive Robert Thomson credited the Foxtel team’s “tenacity, creativity and professionalism” in transforming the pay TV business into a leading sports and entertainment broadcaster.
“Foxtel employees should be proud of their contribution to that success in the ultra-competitive content contest,” he continued.
“We are confident that Dazn is poised to drive the next phase of Foxtel’s growth and we are delighted to be Dazn’s partner and shareholder. And we are pleased to have extra capital strength and optionality.”
Lavanya Chandrashekar, News Corp’s CFO said the sale will “meaningfully strengthen our balance sheet, and should reduce future capital intensity and improve return on invested capital.”
She also notes the sale in “also be accretive to earnings per share.”
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Nathan Jolly is the Features Editor at Mumbrella. He joined the team in July, 2023.
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A big council cleanup is coming
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What about tennis & soccer please
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Prepare the brand obituaries for Fox Sports and Kayo.
MH
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How about Dan returns some soccer to Foxtel like the epl, a league and champions league?
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Hi are you gone still do satellite installs in Australia or only ip streaming? Thanks
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