Sports platform DAZN takes over Australia’s Foxtel as $2bn acquisition finalised | News
International sports entertainment platform DAZN has completed its A$3.4bn (US$2.14bn) acquisition of Australian subscription television network Foxtel.
Shay Segev
The Foxtel Group announced the transaction had been completed and regulatory approvals satisfied.
The new era for Foxtel under the owner of DAZN, UK-Ukranian billionaire Len Blavatnik, will see Foxtel continue to operate as a standalone business unit.
The brands of Foxtel, Kayo Sports, Binge and Hubbl will also be retained, with Foxtel stating all platforms will continue to produce the programming, sports coverage and entertainment that has been established in the local market, but details about commissioning and content acquisition strategies have yet to be revealed.
The Foxtel Group currently has 4.7 million subscribers across its subscription TV service, streaming platform Binge, content aggregator Hubbl and key sports streaming asset Kayo.
Foxtel chief executive Patrick Delany said: “DAZNs ownership allows the Foxtel Group to remain an Australian-based business, with an Australian team and the sport, drama and entertainment that Australians love. As part of DAZN, we now benefit from their global scale, their leading technology platform and their track record in innovation that will allow us to more effectively compete with the global streaming giants.”
Delany added Foxtel’s long-held investments in Australian sports leagues the AFL and NRL will now have the opportunity to be exported to a “massive global audience.”
DAZN chief Shay Segev, who is understood to be in Australia to close the transaction, said the move was a “significant milestone for DAZN as we expand our global footprint into Australia, a key sports market with passionate fans.”
“Foxtel’s strong local presence, combined with DAZN’s global scale, technology and content rights, will unlock incredible opportunities for sports fans, advertisers and partners, while continuing to deliver great drama, lifestyle and news content,” Segev said in a statement.
Under the terms of the acquisition, former majority shareholder News Corp, which had held a 65% stake, will take a 6% stake in DAZN and secure a board seat. Minority shareholder Telstra, previously with 35%, will also take a 3% share in DAZN.
