(Bloomberg) -- News Corp. has agreed to sell Foxtel to global sports firm DAZN Ltd. in a deal that values the pay-TV service at A$3.4 billion ($2.1 billion).
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Under the terms of the agreement, shareholder loans valued at A$578 million outstanding will be repaid in full in cash, and Foxtel’s current debt will be refinanced, according to a statement Monday. News Corp will hold a minority equity interest in DAZN of about 6% as well a seat on its board of directors.
Telstra Group Ltd. will also sell its minority interest in Foxtel, have its shareholder loans of A$128 million repaid, and take a minority stake in DAZN of approximately 3%.
The transaction is expected to close in the second half of fiscal 2025, and is subject to regulatory approvals and other customary closing conditions.
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