Publishing giant News Corp has put Foxtel up for sale following “third-party interest” in the Australian pay-TV company.
In an update on the company’s financial results for fiscal year 2024, News Corp CEO Robert Thomson said the company continues to review its portfolio with the aim of maximising returns for shareholders.
“That review has recently coincided with third-party interest in a potential transaction involving the Foxtel Group, which has been positively transformed in recent years,” it said on Friday.
‘We are evaluating options for the business with our advisors in light of this external interest.
It is not yet clear exactly who the interested party is.
Mr Thomson reportedly said News Corp had “no imminent intention” to sell Foxtel but was reviewing potential strategic and financial options for the business.
The report revealed that Foxtel Group experienced a “strong streaming performance”, ending the financial year with more than 3.2 million total paid streaming subscribers.
News Corp owns 65 percent of Foxtel, which has a pay-TV business and the streaming services Binge and Kayo Sports, while Telstra owns 35 percent.
News Corp CEO Robert Thomson gave a financial update on Friday. Photo: Jim Watson / AFP
The report also revealed that News Corp’s fourth-quarter revenue reached $2.58 billion, up six percent from $2.43 billion a year earlier.
The company said the revenue increase was driven by growth within its digital real estate services, book publishing and Dow Jones segments.
