News Corp (NWS) announced that it has entered into a definitive agreement for the sale of Foxtel Group to DAZN Group Limited. Under the terms of the agreement, shareholder loans in the amount of A$578M outstanding and owing to News Corp will be repaid in full in cash at closing. Foxtel's current debt will be refinanced at closing and transfer with Foxtel, and News Corp will hold a minority equity interest in DAZN of approximately 6% as well as one seat on its Board of Directors. Telstra Group will also sell its minority interest in Foxtel, have its shareholder loans of A$128 million repaid, and take a minority stake in DAZN of approximately 3%. The proposed transaction values Foxtel at an enterprise value of A$3.4 billion, representing more than 7-times fiscal 2024 Foxtel EBITDA. The agreement follows a strategic and financial review of Foxtel as part of News Corp's ongoing efforts to optimize its portfolio and simplify the structure of the company. The transaction, which is expected to close in the second half of fiscal 2025, is subject to regulatory approvals and other customary closing conditions. For News Corp financial reporting purposes, Foxtel will be classified as discontinued operations as of the second quarter of fiscal 2025.