Sports streamer DAZN is to acquire Australian pay-TV and streaming firm Foxtel from its majority shareholder News Corp and minority shareholder Telstra in a deal worth US$2.2bn.
Foxtel has 4.7 million subscribers in Australia and a portfolio of domestic and international sports broadcast rights including cricket, AFL and NRL.
DAZN will take a majority stake in the Australian pay-TV business, including the Kayo and Binge streaming services and the Hubbl set-top box, subject to regulatory approval.
News Corp and Telstra will become minority shareholders in DAZN. Foxtel is currently owned 65% by News Corp and 35% by Telstra.
DAZN said the acquisition establishes it as a leader in sports entertainment in Australia while also expanding its global footprint and enhancing the group’s standing as the global home of sport.
“The addition of Foxtel to DAZN brings the Group’s pro-forma revenues towards US$6 billion and provides the additional content, expertise, and expansion opportunities to accelerate DAZN’s growth trajectory,” said DAZN in a statement.
The company added that Foxtel will maintain its local character, led by current CEO Patrick Delany and his management team.
Shay Segev, Chief Executive Officer of DAZN, said: “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. Foxtel is a successful business that has undergone a remarkable digital transformation in recent years, and we are confident that our global reach and relentless pursuit of innovation will continue to drive the business forward and ensure long-term success.
Siobhan McKenna, the Executive Chairman of Foxtel, said the agreement with DAZN was international recognition of the transformation of Foxtel from an incumbent pay TV operator to a sports and entertainment digital and streaming leader. “Over the last seven years the Foxtel team, with the strong support of News, have achieved an extraordinary turnaround in an intensely competitive environment.”
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