As an ardent sports enthusiast with a deep appreciation for the dynamic world of streaming services, I find this news about DAZN buying Foxtel Group absolutely thrilling! The merger of these two powerhouses promises to reshape the Australian sports entertainment landscape and create a formidable global force in the industry.
Sports broadcasting platform DAZN is set to acquire Australia’s Foxtel Group, currently owned primarily by News Corp and secondarily by Telstra, for a total deal worth approximately 2.2 billion dollars.
Undergoing regulatory approval is a stipulation for this partnership. It aims to merge Foxtel, Australia’s pioneering pay-TV service boasting 4.7 million subscribers, with DAZN, a globally streaming platform privately owned by British tycoon Len Blavatnik. Notably, the Foxtel Group encompasses Fox Sports, a sports production company, and serves as the Australian hub for both local and international entertainment content.
News Corp, led by Rupert Murdoch, announced a partnership with DAZN following a thorough assessment of Foxtel’s operations. This evaluation was part of News Corp’s ongoing aim to streamline its business and reduce company complexity. In this arrangement, both News Corp and Telstra will hold smaller stakes in DAZN, ensuring they maintain some involvement with Foxtel. The transaction is projected to be finalized around mid-2025, contingent upon regulatory clearances and standard closing conditions.
DAZN, a global sports streaming service founded in 2016 with over 3,000 employees, has announced that it will preserve Foxtel’s unique local identity. The current leadership team, headed by CEO Patrick Delany, will remain in place at Foxtel. In 2023, DAZN reported a revenue of $3.2 billion and with the inclusion of Foxtel, the combined company’s projected revenues are estimated to be around $6 billion.
Acquiring this venture solidifies DAZN as a front-runner in the sports entertainment industry within Australia, and simultaneously broadens its presence on a global scale, according to DAZN’s statement.
DAZN CEO Shay Segev expressed enthusiasm about entering Australia, the country with the most sport enthusiasts worldwide, as it represents a significant milestone in our plan to establish DAZN as a global leader in sports. In a statement, he noted that Foxtel, having undergone impressive digital transformation, is a thriving business. He is confident that DAZN’s global presence and unwavering commitment to innovation will propel the business further and ensure lasting success.
Foxtel’s Delany stated in a press release: “News Corp has consistently supported and advised us, enabling Foxtel to evolve into a vibrant, streaming-focused enterprise that reports impressive financial results. We are thrilled about starting a new phase with DAZN, a leading international sports streaming platform, as our latest investor. This partnership will bolster our strategic plans, expand our global network, and fortify our technological foundation to speed up our transformation. Above all, we remain an Australian business, helmed by domestic management, dedicated to producing local sports and entertainment content for our viewers.
News Corp CEO Robert Thomson said the sale of Foxtel to DAZN will let News Corp “focus on our other growth pillars of Dow Jones, Digital Real Estate and Book Publishing, while benefiting from repayment of our shareholder loans and an improved credit profile. We are proud to be a long-term partner of DAZN and its talented team.”
As per the terms of the agreement, all shareholder loans totaling $361 million (equivalent to AU$578 million) that News Corp is currently owed will be fully repaid in cash at the time of closing. At the same time, Foxtel’s existing debt will be refinanced and passed on to Foxtel, with News Corp retaining a minority equity interest of roughly 6% in DAZN, along with one seat on its board. Meanwhile, Telstra Group will receive repayment for their shareholder loans amounting to $80 million (AU$128 million), and acquire an approximately 3% minority stake in DAZN.
Yearly, DAZN broadcasts over 90,000 live events globally and is accessible in over 200 different countries. DAZN serves as the hub for European soccer, women’s soccer, boxing, MMA, and American football overseas. The service offers a variety of sports and leagues from various parts of the world, such as the Bundesliga, Serie A, LALIGA, Ligue 1, Formula 1, NBA, Moto GP, and many more, including the 2025 FIFA Club World Cup.
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2024-12-23 03:16