Sports streaming platform DAZN has acquired Australian broadband company Foxtel Group from majority shareholder, Rupert Murdoph’s News Corp, and minority shareholder, Telstra, in a deal valued at $2.2 billion.
The acquisition, pending regulatory approval, establishes the sports entertainment platform as a leader in its domain in the Australian market, additionally enhancing its global reach and footprint. Per the press release from DAZN, the addition of Foxtel brings the group’s pro-forma revenues toward $6 billion and provides further content, expertise and expansion opportunities for its growth trajectory.
Foxtel is one of Australia’s leading media companies, with 4.7 million subscribers, who will gain access to DAZN’s portfolio of sports content. From its beginnings as Australia’s original pay television company, Foxtel has evolved to become a digital and streaming leader in sports and entertainment; the proposed transaction thus cements Foxtel as a digital-first, streaming-focused business. Led by CEO Patrick Delany, the company will “maintain its local character,” as well as its current management team.
DAZN aims to grow the global audience for domestic Australian sports across the 200 territories in which it is available. Under the terms of the deal, News Corp and Telstra (Australia’s largest mobile network) will become minority shareholders in DAZN, enabling them to retain an interest in Foxtel.
