Rupert Murdoch's News Corp to sell Foxtel to Britain's DAZN for US$2.1-billion including debt [Globe and Mail, The (Toronto, Canada)]
News Corporation - Class B (NWS)
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Source: Globe and Mail, The
News Corp NWSA-Q increase has agreed to sell its Australian cable TV unit Foxtel to British-owned sports network DAZN for A$3.4-billion ($2.1-billion) including debt, cutting the Murdoch-controlled media empire's exposure to a business up-ended by streaming platforms. News Corp will gain a board seat and hold a 6 per cent stake in DAZN, a London-headquartered streaming platform, while DAZN (pronounced Da Zone) gains streaming rights to Australian Football League and the National Rugby League. As Foxtel navigates expensive sports rights and competes with global digital behemoths, the deal highlights News Corp's push to streamline its portfolio as Rupert Murdoch shapes the future of his media empire. The valuation on Foxtel represents seven times its 2024 earnings before interest, tax, depreciation and amortization (EBITDA), News Corp said in a statement. The sales multiple of 7 times earnings was higher than he expected, said Brian Han, analyst at Morningstar. “Critically,
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