News Corporation has announced its decision to sell the Australian media company Foxtel to the British sports broadcasting network DAZN for A$3.4 billion (approximately £1.7 billion).

As a part of the transaction, News Corp will secure a seat on DAZN’s board and retain a 6 percent stake in the company.

DAZN, headquartered in London and backed by billionaire Sir Len Blavatnik, holds broadcasting rights for prestigious football leagues including Serie A in Italy, LaLiga in Spain, Bundesliga in Germany, and Ligue 1 in France. The network competes with traditional television and satellite services by offering a diverse range of sports programming through its streaming platform.

Foxtel Group, established by News Corp in 1995, ranks among Australia’s top media companies with a subscriber base of 4.7 million. The group’s portfolio encompasses subscription television, streaming services, sports production, and advertising, allowing it to stream major sports events, including the Australian Football League and the National Rugby League.

Robert Thomson, CEO of News Corp, remarked: “This agreement represents a win for News Corp shareholders, DAZN, and sporting fans in Australia and around the globe.”

Thomson further stated that the deal positions News Corp to concentrate on its primary operations, such as Dow Jones, digital real estate, and the publishing sector. News Corp maintains a majority stake in the online property platform REA Group, in addition to owning News UK, which publishes The Times and The Sunday Times, along with HarperCollins.

Shay Segev, co-founder and CEO of DAZN, stated: “Australians consume more sport than any other country, making this deal an exciting opportunity for DAZN as we enter this significant market, furthering our strategy to become the global leader in sports broadcasting.”

The transaction is anticipated to be finalized in the latter half of 2025, pending regulatory approval as stated by News Corp.

Given DAZN’s overseas ownership, the transaction will require clearance from Australia’s Foreign Investment Review Board.

Sir Len Blavatnik holds dual citizenship in the U.S. and the UK and founded Access Industries, a private investment firm with a portfolio exceeding $35 billion.

Additionally, Telstra, the Australian telecommunications firm, has sold its 35 percent stake in Foxtel to DAZN, receiving A$128 million (£64 million) in cash along with a 3 percent stake in DAZN.

Following the announcement, News Corp’s shares rose by 3.5 percent on Monday to A$50.79, while Telstra’s shares increased by 1.1 percent.