Business
Australia’s Telstra sells most of its Foxtel stake to DAZN
Global Banking & Finance Review®
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(Reuters) – Australian telecom firm Telstra said on Monday it had sold a 35% stake in Australian cable TV and streaming unit Foxtel to British streaming platform DAZN.
(Reuters) – Australian telecom firm Telstra said on Monday it had sold a 35% stake in Australian cable TV and streaming unit Foxtel to British streaming platform DAZN.
The company will receive A$128 million ($80.08 million) in cash for the repayment of shareholder loans and will hold a 3% stake in DAZN.
The deal, subject to regulatory approvals, is expected to finalise in the first half of 2025.
News Corp said on Monday it would sell its Foxtel stake to DAZN for A$3.4 billion, including debt.
($1 = 1.5985 Australian dollars)
(Reporting by Roshan Thomas in Bengaluru; Editing by Jamie Freed)
Regulatory approval is the process by which a company must obtain permission from relevant authorities before proceeding with certain business activities, such as mergers, acquisitions, or significant investments.
A shareholder loan is a loan provided by a company's shareholders to the company. This type of loan can help finance operations or investments and is typically repaid under agreed terms.
A digital platform is an online framework that allows users to create, share, and manage content or services. Examples include streaming services, e-commerce sites, and social media platforms.
Cash management refers to the process of collecting, managing, and investing cash in a way that maximizes liquidity and minimizes costs. Effective cash management ensures that a company can meet its financial obligations.
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