Australian TV company Foxtel put up for sale by News Corp-March 2024-www.financetom.com

Australian TV company Foxtel put up for sale by News Corp

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Australian TV company Foxtel put up for sale by News Corp

Aug 8, 2024 4:52 PM

(Reuters) - Australian pay television company Foxtel, controlled by the Murdoch family and partly by local telecom firm Telstra ( TTRAF ), has been put up for sale post third-party interest and a strategic review, owner News Corp ( NWSA ) said on Thursday.

Foxtel, which recently launched streaming service Hubbl, is 65% owned by News Corp ( NWSA ), while Telstra ( TTRAF ) holds the remaining 35%.

"The company is assessing strategic and financial options for the Foxtel Group, including its capital structure and assets," News Corp ( NWSA ) said in its earnings release.

Foxtel has been focusing on gaining more streaming rights by building sports network Kayo and video subscription service Binge. A potential sale of the company would pave the way for content deals, sports streaming rights and more.

Telstra ( TTRAF ) did not immediately respond to a Reuters request for comment.

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