Billionaire Len Blavatnik Backed DAZN Buys Australia’s Foxtel in US$2.2 Billion Deal

Foxtel, the pay TV and streaming company controlled by News Corp, has been sold to DAZN, a sports streaming platform owned by one of the world’s wealthiest individuals, Sir Len Blavatnik, for an enterprise value of $2.2 billion.

As part of the agreement, News Corp will retain a 6% minority equity interest in DAZN and will secure a seat on the company’s board of directors. Foxtel’s existing debt will be refinanced, and loans from News Corp and Telstra, amounting to $578 million and $128 million respectively, will also be repaid.

Additionally, Telstra has agreed to sell its minority interest in Foxtel and will acquire a 3% stake in DAZN. The transaction is subject to regulatory approval and is expected to be finalized in the second half of fiscal year 2025.

News Corp chief executive Robert Thomson said the agreement was a victory for the company’s shareholders, DAZN and Australian sports fans. DAZN boss Shay Segev said the British firm is committed to supporting and investing in the company’s television and streaming services across sports and entertainment.

“Australians watch more sport than any other country in the world, which makes this deal an incredibly exciting opportunity for DAZN to enter a key market, marking another step in our long-term strategy to become the global home of sport,” Segev said.

DAZN’s majority shareholder is Access Industries, Soviet-born Sir Len Blavatnik’s investment vehicle. Blavatnik is a British and American citizen.

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