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Foxtel, Fox Sports Australia to merge

Aug. 17, 2017 2:39 PM ETNews Corporation (NWS) StockNWS, TLGPY, NWSABy: Jason Aycock, SA News Editor1 Comment
  • Telstra (TLSYY -9.5%) and News Corp. (NWS +1.2%, NWSA +1.1%) are merging their (jointly owned) Australian pay TV channel Foxtel with Fox Sports Australia.
  • The result would be a dominant outlet that would be 65% controlled by News Corp. and 35% by Telstra, and which could eventually pursue an initial public offering.
  • With regulatory approvals, the deal could be completed in the first half of next year.
  • News Corp. says not only would the combination strengthen the company in case of an IPO, it allows it to diversify its financials amid a secular decline in print advertising.

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