1. 82.0k

    News Corp and Telstra sign definitive agreements to combine Foxtel
    and FOX SPORTS Australia
    6 March 2018 – News Corp and Telstra today announced they have signed definitive agreements to combine
    Foxtel and FOX SPORTS Australia, which will deliver premium and innovative content to Australians with
    ever greater quality, variety and efficiency.
    The key commercial arrangements include:
     News Corp will have 65 per cent shareholding in the combined entity and Telstra will have 35 per cent.
     News Corp will appoint four directors (including the Chairman) to the combined entity’s board and the
    senior executives, and Telstra will appoint two directors.
     News Corp will consolidate the combined entity into its financial statements
    The combined company will provide Australian viewers with the best possible experiences by:
     Putting greater emphasis on live streaming products and an expanded library, including Australian
    written, produced and directed programming;
     Delivering new and creative products and packages across devices and platforms, with investment in
    exclusive content and technology, including a focus on high quality FOX SPORTS Australia
     Expanding distribution channels for Foxtel and FOX SPORTS Australia products, along with
    developing greater operating efficiencies across the combined businesses; and
     Levering the benefits of the assets and experience of News Corp in Australia and around the world.
    News Corp Chief Executive Robert Thomson said: “The launch of the combined company will mark the
    dawn of a new era for our Australian business, and Foxtel and FOX SPORTS Australia will together be a
    formidable force. We will be able to use our powerful media platforms to promote the unique sports and
    entertainment assets in the two companies, and improve services for consumers and advertisers. Patrick
    Delany and his talented team will be absolutely focused on serving viewers compelling, contemporary
    Australian content and superlative sports coverage on personalized platforms.” Mr Delany will be Chief
    Executive Officer of the combined company.
    Telstra CEO Andy Penn said the combination of Foxtel and FOX SPORTS Australia with their content assets
    would position the company to strongly compete in the dynamic media market, and it would continue to be an
    important part of Telstra's media strategy.
    “Our customers are streaming more and more sport and entertainment on their TV at home and on their
    mobile devices while on the move. Telstra will be the exclusive telco sales agent for the combined entity on
    mobile and IP products and we will continue with our broadcast reseller arrangements,” Mr Penn said.
    News Corp Australasia Executive Chairman Michael Miller said: "Under the leadership of Patrick Delany,
    this company will provide the exclusive and quality content that Australian consumers demand and
    expect. It will broadcast and stream in the most exciting, innovative and engaging ways across all
    The transaction is expected to close during the fourth quarter of Fiscal Year 2018.

    courtesy of Bell Direct

    ( DYOR )

    i hold TLS

    please note i expect this joint venture to be floated in the future ( both companies need cash to reduce debt )

Your browser is too old for TopStocks and not secure. Please update your browser