Publishing giant News Corp has put Foxtel up for sale following ‘third party interest’ in the n pay television company.
In an update on the companies financial results for the 2024 fiscal year, News Corp chief executive Robert Thomson said the company is continuing to review its portfolio with a focus on maximising returns for shareholders.
‘That review has coincided recently with third-party interest in a potential transaction involving the Foxtel Group, which has been positively transformed in recent years,’ he said on Friday.
‘We are evaluating options for the business with our advisers in light of that external interest.
Exactly who the interested party is remains unclear. ‘
Mr Thomson reportedly said News Corp had no ‘imminent intent’ to sell Foxtel but are reviewing potential strategic and finical options for the business.
The report revealed Foxtel Group experienced ‘strong streaming performance’, ending the fiscal year with more than 3.2m total paying streaming subscribers.
News Corp own 65 per cent of Foxtel, which owns a pay TV business, streaming services Binge and Kayo Sports, while Telstra owns 35 per cent.
News Corp chief executive Robert Thomson provided a financial update on Friday. Photo: Jim Watson / AFP
The report also revealed News Corps fourth quarter revenue reached $2.58bn, which is a six per cent increase compared to $2.43bn the prior year.
The company said the increased revenue was driven by growth within the Digital Real Estate Services, Book Publishing and Dow Jones segments.