New Delhi: Media conglomerate News Corp is exploring the possibility of selling its Australian pay TV and streaming unit, Foxtel, following a decline in profits and increasing competition in the sector.
The company revealed in its quarterly financial report released on Friday that it had received “third-party interest in a potential transaction” involving Foxtel. In response, News Corp CEO Robert Thomson stated that the company is “evaluating options with our advisors in light of that external interest.”
Foxtel, which has been a cornerstone of the Australian media landscape, has faced growing challenges from lower-cost streaming services. The unit’s profit dipped by 5% in the June quarter, contrasting with the overall 11% profit increase experienced by News Corp, primarily driven by its real estate listing business.
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While News Corp emphasized that no decision has been made, the potential sale of Foxtel could mark a significant shift in the Australian media industry. Industry analysts speculate that the move might be driven by a desire to streamline operations and focus on core businesses, as well as to capitalize on the potential value of Foxtel in the current market.
As the situation unfolds, the media industry and Australian consumers will be watching closely to see if this potential deal materializes and how it might reshape the country’s television and streaming landscape.
