Australia’s storied Pay TV operator and Kayo and Binge owner Foxtel is up for sale, News Corp’s global chief executive has revealed in an investor call, following third-party interest and a strategic review.
Speaking after News Corp released its quarterly results, global chief Robert Thomson said the company had been broadly reviewing all of its assets to find best returns for shareholders.
News Corp chief executive Robert Thomson said the external interest is a clear vote of confidence in the strength of Foxtel.“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 with record numbers of streaming subscribers, low broadcast churn and rising and broadcast and streaming up,” Thomson said.
“We had no imminent intent to sell Foxtel but are reviewing potential strategic and financial options for the business with their advisors and engaging with third parties in light of that external interest.”Foxtel is majority owned by News Corp, which owns 65 per cent of the company, with Telstra owning the remaining 35 per cent. The company recently launched streaming aggregation service Hubbl.
The external interest is a clear vote of confidence in the Foxtel team’s work, Thomson said, but would not be drawn on commenting on the profile of the interested party. Revenues across News Corp rose by 6 per cent in the quarter to $US2.58 billion . Earnings before interest, taxation, depreciation and amortisation was up 11 per cent on the corresponding quarter, totalling $US380 million, with its Harper Collins and REA Group businesses more than offsetting sharp declines in the News Media segment.
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