Publishing giant News Corp has put Foxtel up for sale due to a “third-party stake” in the Australian pay-TV company.
In an update on the company’s financial results for fiscal 2024, News Corp CEO Robert Thomson said the company continues to evaluate its portfolio with a focus on maximizing shareholder returns.
“That review recently coincided with third-party interest in a potential transaction with the Foxtel Group, which has undergone a positive transformation in recent years,” he said on Friday.
‘We are evaluating the options for the company together with our advisors in light of those external interests.
It remains unclear who exactly the interested party is.
Mr Thomson is reportedly not planning to sell Foxtel, but News Corp is reportedly looking at potential strategic and financial options for the business.
The report found that Foxtel Group delivered “strong streaming performance”, ending the fiscal year with a total of more than 3.2 million paying streaming subscribers.
News Corp owns 65 percent of Foxtel, which owns a pay-TV business and 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 shows that News Corps’ fourth-quarter revenue was $2.58 billion, up six percent from $2.43 billion a year earlier.
According to the company, the increase in revenue was driven by growth in the Digital Real Estate Services, Book Publishing and Dow Jones segments.