Dazn Buying Australia’s Foxtel From News Corp & Telstra For $2.1B
Sports streamer Dazn has made its biggest play to date, agreeing a A$3.4B ($2.2B) takeover of Australian pay-tv giant Foxtel.
The deal, which Dazn is billing as a “milestone” deal, will see the Sydney-based Foxtel exiting the hands of majority owner News Corp and minority shareholder Telstra, subject to regulatory approval.
Dazn sees Australia as a major sports market and given Foxtel’s model of offering subscribers many top-level sporting events, there are synergies between the companies. However, this marks the first time Dazn will own a platform as broad as Foxtel, which has 4.7 million subscribers and numerous entertainment, news and factual channels.
Should the deal go through, Dazn’s pro-forma revenues will near $6B annually, with 2023 group revenues sitting at $3.2B. The A$3.4B deal price values Foxtel at seven times its fiscal 2024 Ebitda.
Once completed, News Corp and Telstra will take minority stakes in Dazn, with the...
The deal, which Dazn is billing as a “milestone” deal, will see the Sydney-based Foxtel exiting the hands of majority owner News Corp and minority shareholder Telstra, subject to regulatory approval.
Dazn sees Australia as a major sports market and given Foxtel’s model of offering subscribers many top-level sporting events, there are synergies between the companies. However, this marks the first time Dazn will own a platform as broad as Foxtel, which has 4.7 million subscribers and numerous entertainment, news and factual channels.
Should the deal go through, Dazn’s pro-forma revenues will near $6B annually, with 2023 group revenues sitting at $3.2B. The A$3.4B deal price values Foxtel at seven times its fiscal 2024 Ebitda.
Once completed, News Corp and Telstra will take minority stakes in Dazn, with the...
- 12/23/2024
- by Jesse Whittock
- Deadline Film + TV
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