Business

Feb 14, 2018

Foxtel tidies its books ahead of revamp

News Corp and Telstra are putting the finishing touches on their revamp of Foxtel.

Glenn Dyer — <em>Crikey</em> business and media commentator

Glenn Dyer

Crikey business and media commentator

The account tidying is well underway at Foxtel with the repayment of a near AU$1 billion dollar shareholder loan ahead of the takeover of Fox Sports and purchase of 15% of the pay TV business from shareholder Telstra by the Murdoch family’s News Corp.

The latest quarterly and half-year filing with the SEC by News reveals that the AU$988 million shareholder loan to Foxtel by News and Telstra has been restructured and settled, and not a dollar changes hands. That loan was part of the takeover of regional pay TV business Austar back in 2012 (which gave Foxtel a pay TV monopoly in this country, courtesy of the ACCC).

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1 comments

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One thought on “Foxtel tidies its books ahead of revamp

  1. bref

    Foxtel’s revenue is likely to drop further in future as, like Telstra, it just doesn’t give a bugger about its customers. They still charge top dollar (double similar overseas offerings) for a so so service. While my satellite service works quite well, the iMac in the home office can’t run the Foxtel app as Foxtel hasn’t bothered to upgrade the software for years. Similarly the smart TV in the bedroom won’t work as the Foxtel app won’t work on 99% of android devices. Way to go Foxtel. Can’t wait to get a $35 online service as they can overseas and you know it won’t be long…

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