Foxtel up for sale after third party interest in the News Corp owned television company
Publishing giant News Corp has put Foxtel up for sale following “third party interest” in the Australian pay television company.
In an update on the companies financial results for the 2024 fiscal year, News Corp chief executive Robert Thomson said the company is continuing to review its portfolio with a focus on maximising returns for shareholders.
“That review has coincided recently with third-party interest in a potential transaction involving the Foxtel Group, which has been positively transformed in recent years,” he said on Friday.
“We are evaluating options for the business with our advisers in light of that external interest.”
The report revealed Foxtel Group experienced “strong streaming performance”, ending the fiscal year with more than 3.2m total paying streaming subscribers.
NewsCorp own 65 per cent of Foxtel, which owns a pay TV business, streaming services Binge and Kayo Sports, while Telstra owns 35 per cent.
More to come
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