News Corp. and Australian telecom film Telstra have struck a deal to sell Aussie media company Foxtel Group to sports streaming platform DAZN in a deal worth about $2.1 billion.
Under the terms of the agreement, shareholder loans in the amount of $361 million outstanding and owing to News Corp. will be repaid in full in cash at closing. Foxtel’s current debt will be refinanced at closing and transfer with Foxtel, and News Corp. will hold a minority equity interest in DAZN of about 6 percent as well as one seat on its board of directors.
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Telstra Group Ltd. will also sell its minority interest in Foxtel, have its shareholder loans of $80 million repaid and take a minority stake in DAZN of about 3 percent. The Foxtel Group is owned 65 percent by News Corp. and 35 percent by Telstra.
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