The publishing and broadcasting multinational said there was acquisition interest in its pay television arm after a year-long “strategic review” of its assets.
Already a subscriber?Rupert Murdoch’s News Corp has put Australian media company Foxtel up for sale as the global publishing and broadcast giant confronts the reality that streaming is rapidly bringing the era of pay TV dominance to an end.
News Corp has had an interest in the pay TV business since it launched as a joint venture with Telstra nearly three decades ago. “We are confident in the company’s long-term prospects and are continuing to review our portfolio with a focus on maximising returns for shareholders,” News Corp chief executive Robert Thomson said.
They are diminishing by about 10 per cent a year. Including streaming and cable, Foxtel has grown its total paying subscription base to 4.7 million people.Any sale of Foxtel would have a flow-on effect on long-term content deals, multibillion-dollar sports rights packages, and more. News Corp is being advised by Goldman Sachs, which declined to comment.
Global streaming services are emerging as potential rivals for sporting rights. Amazon Prime Video bought exclusive rights to the International Cricket Council tournaments from 2024 to 2027. Other streaming services could soon do the same.News Corp has long wrestled with what to do with Foxtel. After repeatedly trying to float the company, unsuccessfully, it has also navigated some inbound interest.
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