News Corp is considering selling its stake in Australian pay TV and streaming operator Foxtel.
Rupert Murdoch’s News Corp said it was mulling the deal in a trading update for its fourth quarter.
Robert Thomson, News Corp Chief Executive, said that potential buyers had emerged for Foxtel during a review of the company’s assets.
“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,” Thomson said.
Foxtel Group operates legacy cable and satellite TV businesses in Australia, as well as sports streamer Kayo, entertainment streaming platform Binge, and OTT streaming aggregator Hubbl.
Like many legacy media companies, it has been challenged by the arrival of global streaming platforms such as Netflix, Disney+ and Prime Video.
News Corp reported a revenue growth of 6% to $2.58bn in the fourth quarter, which the company attributed to the performance of its Dow Jones unit, real estate listing and book publishing businesses.
But revenue from its news media unit, which includes Foxtel owner News Corp Australia, News U.K., and the New York Post, dropped 5% amid a decline in advertising and subscription revenues.
Foxtel is 65% owned by News Corp, while Australian telecom company Telstra holds the remaining 35%.
You are not signed in
Only registered users can comment on this article.
.jpg)
RTS Mini MBA expands access with flexible learning options
The Royal Television Society is expanding access to its Mini MBA in TV & Streaming Media, with standalone modules set to launch soon alongside the full programme and individual stream options already available.
IAMT Industry Impact Briefing: MediaTech has outgrown broadcast
Media technology has evolved far beyond its traditional broadcast boundaries. “It’s no longer just a sector,” said Saleha Williams, CEO, IAMT, in an IBC opening address.
.jpg)
BBC Studios and UKTV selected Full Season for playout of 53 channels
BBC Studios and its subsidiary UKTV have selected the European media services provider Full Season to deliver playout services for 53 linear channels and their VOD offerings under a new multi-year agreement.
40% of UK's small independent TV producers at risk of closure, warns IndieLab
According to an analysis of Companies House filings by IndieLab, 40% of the UK's small independent television production companies are at risk of closure within two years.
Netflix raises UK subscription prices
Netflix has raised the price of its UK subscription packages, lifting the cost of its cheapest tier by 33%.
