News Corp and Telstra have announced sports streaming platform DAZN will acquire 100 percent of the Australian subscription television company.

The deal is significant for Australian motorsport fans given the plethora of categories that are broadcast via Fox Sports and Foxtel’s streaming services, Kayo.

Foxtel holds the broadcasting rights to the Supercars Championship, Formula 1, MotoGP, and NASCAR.

DAZN already has interests in many of those categories in some of its international markets.

It’s a deal that has been on the cards for some time with reports Telstra, which holds a 35 percent stake, was open to fresh investment.

DAZN bills itself as the ‘global home of sport’ with broadcast agreements across European football, boxing and MMA, NFL, rally, and more.

It has a presence in several markets throughout Europe, Asia, and the United States, boasting an audience of 300 million viewers, 86,000 live events, and revenue of $3.2 billion in 2023.

“This acquisition is a significant step forward in the Foxtel Group’s transformation as a leading sports and entertainment streaming provider in Australia,” said Patrick Delaney, Foxtel Group’s CEO.

“We are excited to be joining the DAZN family and to have them backing the Foxtel Group‘s strategy and our team.

“It means we will remain a proudly Australian-based business with local character, local management and local sports and entertainment production.

“DAZN is a global leader in sports, and being part of a dynamic global streaming group will create new growth options for the Foxtel Group and new value for subscribers and partners.

“When the transaction completes next year, DAZN’s ownership will provide us with access to global reach and the infrastructure and technology to support our continued transformation and allow us to continue to compete effectively with the global streaming giants.

“We are grateful to News Corp and Telstra for their unwavering support over the past 30 years. With News Corp’s guidance and support, we have reinvented the Foxtel Group as a growth business with 4.7 million subscribers, a dynamic digital advertising business and strong revenues and EBITDA.

“We are pleased that News Corp and Telstra will remain involved with a shareholding in DAZN.”

Under the deal, Foxtel will continue to operate out of its existing Sydney offices and oversee its suite of products, which includes Binge and Hubbl locally.

“Foxtel is a successful business that has undergone a remarkable digital transformation in recent years, and we are confident that our global reach and relentless pursuit of innovation will continue to drive the business forward and ensure its long-term success,” said Shay Segev, CEO of DAZN.

“We are committed to supporting and investing in Foxtel’s television and streaming services, across both sports and entertainment, using our world-leading technology to further enhance the viewing experience for customers.

“We are also committed to using our global reach to export Australia’s most popular sports to new markets around the world, just as we have done with the NFL, and we will continue to promote women’s and under-represented sports.

“We’re looking forward to working closely with Patrick Delany and his team, as well as News Corp and Telstra as shareholders in DAZN, to realise our ambitious vision for the future of sport entertainment.”

The deal is expected to close in the second half of 2025, pending regulatory approvals and other conditions.

The timing of that is noteworthy as the current Supercars broadcast deal expires at the end of next season.

Signed in 2020, the $200 million deal between Foxtel and Seven was an increase over the previous six-year agreement between Foxtel and Ten, which was worth $241 million.

It’s also believed the current F1 broadcast agreement concludes at the end of 2025, having been renewed for three years starting in 2023 for a reported $40-45 million a year.