DAZN Expands Global Reach with Foxtel Acquisition in A$3.4 Billion Deal

December 23, 2024 12:00 AM AEDT | By Team Kalkine Media

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DAZN Expands Global Reach with Foxtel Acquisition in A$3.4 Billion Deal — Image source: shutterstock

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Highlights

DAZN announces acquisition of Foxtel in a transformative A$3.4 billion deal.

News Corp (NWSA) exits its decades-long ownership of Foxtel.

Telstra and News Corp retain minority stakes in DAZN post-deal.

UK-based sports streaming company DAZN has entered into an agreement to acquire Foxtel in a transformative A$3.4 billion transaction. This marks the end of News Corp’s (NASDAQ:NWSA) three-decade-long ownership of the Australian subscription and streaming service, reshaping the digital sports broadcasting landscape.

Foxtel’s key platforms, including Kayo Sports and BINGE, have fueled significant subscriber growth, amassing nearly five million subscribers. Telstra, previously holding a 35% stake in Foxtel, will also divest its shares in the deal, signaling a strategic transition for the Australian broadcasting giant.

News Corp’s global chief executive highlighted the transaction as a major milestone, stating that DAZN is well-positioned to propel Foxtel’s digital transformation with its advanced technological capabilities, expansive global footprint, and extensive sports rights portfolio.

Under the agreement, DAZN will integrate Foxtel’s operations, including Fox Sports, into its global network. However, Sky News Australia will remain under News Corp’s ownership. Post-acquisition, News Corp will retain a 6% equity stake in DAZN and a seat on its board, while Telstra will hold approximately 3%. Patrick Delany, the current chief executive of Foxtel, will continue leading the company through this transformative phase.

DAZN, financially backed by Sir Leonard Blavatnik, has established itself as a dominant player in sports broadcasting. Its portfolio includes exclusive rights to major sporting events such as Serie A, La Liga, Bundesliga, and premier boxing events. With the acquisition of Foxtel, DAZN aims to strengthen its global presence by entering the Australian market, which boasts one of the world’s highest rates of sports viewership.

Foxtel’s rights to major Australian sports leagues, including the AFL and NRL, along with its successful transition to digital streaming, strategically position DAZN to compete with global streaming giants like Amazon and ESPN. This acquisition is a step forward in DAZN’s long-term vision to become a global leader in sports broadcasting.

The deal, expected to close in the first half of 2025, is subject to regulatory approval. With Foxtel’s robust portfolio and DAZN’s global influence, the transaction is anticipated to reshape sports streaming in Australia and further expand DAZN’s global reach.

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