News Corp mulls sale of Australian pay TV and streaming unit Foxtel
Foxtel has reportedly been facing tough competition from narrow-margin rivals
Rupert Murdoch-owned News Corp is reportedly considering the sale of Australian cable TV and streaming unit Foxtel, after receiving a “third-party interest in a potential transaction,” according to its quarterly financial statement released on Friday morning.
News Corp reportedly said that the deal is under consideration and that the unit posted a profit decline of 5% in the June quarter. The organisation’s overall profit reportedly rose 11% in the said period thanks to its real estate listing business.
"We are evaluating options with our advisors in light of that external interest,” CEO Robert Thomson reportedly said in a statement.
Foxtel is reportedly facing tough competition from narrow-margin rivals and the sale of the same may relieve News Corp of the burden.
