News Corp-controlled pay TV and streaming company Foxtel has been sold to DAZN for an enterprise value of $3.4 billion.
News Corp-controlled pay TV and streaming company Foxtel has been sold to DAZN, a sports streaming platform controlled by one of the world’s richest people, for an enterprise value of $3.4 billion.
While DAZN is expected to post its 2023 calendar year results later this month, the company posted losses of US$4.1 billion in the three years ending December 2022, raising questions over the financing of the Foxtel deal. While it is unclear whether DAZN will merge Foxtel’s Kayo with its existing platform in Australia, it immediately makes it the largest player in sports streaming domestically, also owning Binge, the entertainment streaming service with 1.5 million paying subscribers. Kayo itself also has over 1.5 million subscribers, while the legacy set-top box business has over 1 million customers, however they are in structural decline.
While DAZN will get access to the broadcast rights for the AFL, NRL, cricket, Supercars and other major international sports, it will also have to decide what to do with Foxtel’s other assets.
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