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News Limited completes Foxtel deal

It's official. News Limited now owns 50% of Foxtel and 100% of FOX Sports.

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It’s official.

News Limited now owns 50% of Foxtel (the other half being Telstra) and 100% of FOX Sports.

The Federal Court yesterday approved News Ltd’s $1.94B acquisition of Consolidated Media Holdings shares, formerly chaired by James Packer.

News Ltd CEO Kim Williams (pictured) was previously CEO of Foxtel, during which he lifted the company’s penetration and drove digital subscriptions.

“Australian consumers love news, sports and entertainment and take-up new technology faster than anywhere else in the world,” he said. “They are some of the world’s most sophisticated consumers – with a real eye for that which constitutes value. There is much value for us to extract as we build and expand our company.

“Combining News Limited’s assets with FOX Sports and Foxtel will help us to cater directly to what consumers love; to innovate faster and with more precision and to offer our customers even greater value products across the range of platforms they love print, broadcast, internet, mobile and tablet.

“Foxtel and FOX Sports are two outstanding companies that have prospered by providing a world-class service to their consumers and advertisers. Seek Asia is also an attractive asset with excellent regional Asian positioning.

“More closely aligning our existing brands with those in the Foxtel and FOX Sports portfolio offers opportunities to better serve customers and to grow all our businesses in a connected way.”

Source: Herald Sun, BandT

3 Responses

  2. ACCC clearly has no idea.

    Excluding the NBN, with internet speeds increasing as they are, i wouldn’t be surprised to see the major studios launch channels, perhaps integrated websites direct to the consumer once the new Showtime deal with Foxtel expires.

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