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. Telstra Group Ltd.
“This agreement is a victory for News Corp. shareholders, DAZN, and sport fans in Australia and around the world,” News Corp. CEO Robert Thomson said. “Foxtel has been transformed into a genuine digital and streaming leader in Australia, and we believe DAZN is the right owner to take the business to the next level with their technological capabilities, global footprint and compelling sports rights. This transaction also allows News Corp.
“News Corp.’s unwavering support and guidance has seen Foxtel successfully reinvent itself into a dynamic, streaming-led business delivering strong financial performance,” Delany said, adding: “DAZN’s backing will enhance our strategy needed, provide access to their global reach, and strengthen the infrastructure and technology to accelerate our transformation.