TV giant Foxtel has been sold to DAZN in a $3.4 billion deal that will see the global sports streaming network take control of the Australian pay-TV service and its streaming platforms, Kayo and Binge.
Key Takeaways
- DAZN will acquire Foxtel, along with its streaming platforms Kayo and Binge, for $3.4 billion, pending regulatory approval.
- The acquisition is backed by British-Ukrainian billionaire Len Blavatnik.
- Foxtel CEO Patrick Delany will remain in his role under the new ownership structure and focus on expanding the platform’s global reach.
- The Murdoch-controlled media empire, which founded Foxtel nearly 30 years ago, will exit majority ownership but retain a 6% stake in DAZN and a board seat, marking the end of an era in Australian media.
- The sale comes just weeks after a judge denied Rupert Murdoch’s wish to to amend his succession plan and give control of the family trust and the keys to his media empire solely to eldest son, Lachlan.
- The transaction is expected to be completed in the first half of 2025.
Crucial Quote
“Foxtel has been transformed into a genuine digital and streaming leader in Australia, and we believe DAZN is the right owner to take the business to the next level with their technological capabilities, global footprint, and compelling sports rights,” said Robert Thomson, News Corp CEO.
Key Background
The $3.4 billion sale to DAZN marks a major turning point for Australia’s media industry, ending decades of ownership by Murdoch’s News Corp and Telstra. News Corp, which held a 65% stake, and Telstra, with 35%, initiated the sale after receiving external interest earlier this year.
Under the deal, both companies will retain minority stakes in DAZN—6% for News Corp and 3% for Telstra. Foxtel CEO Patrick Delany will remain at the helm, overseeing the transition and future operations under DAZN’s ownership.
DAZN, often referred to as the “Netflix of sports,” is backed by billionaire Len Blavatnik and has aggressively expanded its global footprint through high-profile sports rights acquisitions, including soccer’s Serie A, La Liga, and the FIFA Club World Cup. This acquisition adds Foxtel’s extensive Australian sports broadcasting rights to DAZN’s portfolio, securing long-term contracts for AFL and cricket, while also positioning DAZN as a dominant player in the Australian market.
Big Number
$3.4 billion: The value of the Foxtel acquisition, making it one of the largest media transactions in recent Australian history.
What to watch for
The deal’s impact on the NRL broadcast rights, which are set to expire in 2027, could spark competitive bidding wars, with DAZN likely to invest heavily in securing exclusive contracts
