Patrick Delany, current CEO of Foxtel. (Image: AAP/Paul Miller)

Foxtel is an evolving financial black hole for News Corp despite being the country’s Pay TV monopoly for years. Foxtel is losing money at a rate of more than $8 million a week, losing subscribers at the rate of more than 1,000 a week and can’t strike a deal to rollover US$1.4 billion in debt.

Documents filed with the ASX and US SEC confirm that the mooted solution of moving deeper into streaming video to try and meet the challenge from Netflix, Stan and others threatens to further damage the company’s already weak financial position.