03:53 AM EST, 12/23/2024 (MT Newswires) -- News Corp ( NWSA ) said late Sunday it has agreed to sell Foxtel Group to DAZN Group in a deal valuing the sports content platform at 3.4 billion Australian dollars ($2.13 billion).

Under the terms of the deal, shareholder loans worth AU$568 million owed to News Corp ( NWSA ) will be repaid in cash and Foxtel's debt will be refinanced upon the closing of the deal.

News Corp ( NWSA ) will hold about 6% minority equity interest in DAZN and will have one seat on its board. Telstra Group will also sell its minority stake in Foxtel to DAZN, and will also take an about 3% minority stake in DAZN.

The sale, expected to close in H2 of fiscal 2025, comes after "a strategic and financial review" by News Corp ( NWSA ) as part of a push to "optimize its portfolio and simplify the structure of the company" to focus on other segments, including Dow Jones, the company said.