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NEWS CORPORATION

(NWSA)
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Foxtel CEO Says IPO Up to Owners of Australian Pay-TV Provider -- Update

09/29/2021 | 08:27pm EST

By Stuart Condie

SYDNEY--Australian pay-TV provider Foxtel's future ownership is a matter for co-owners News Corp. and Telstra Corp. Ltd., Chief Executive Patrick Delaney said.

Analysts have speculated that Foxtel's owners could list the company on the Australian Securities Exchange, but Mr. Delaney on Thursday said any plans were beyond his remit. Foxtel is 65% owned by News Corp., with the remainder held by Australian communications firm Telstra.

"An IPO is a matter for the shareholders. The mission I've been given is to make sure the investment community, the people who invest in our shareholders, understand the value that we have delivered and the transformation journey we are on," Mr. Delaney said during a Foxtel strategy day.

Foxtel operated solely as a cable-TV business for the majority of its 26-year history until launching streaming subscriptions in 2013. By the 2021 fiscal year, its 4 million subscribers were streaming 23% of their viewing minutes.

The company is pivoting to a less capital-intensive streaming model amid competition from the likes of Netflix Inc. and Walt Disney Co. The company said it is targeting a capex-to-revenue ratio of 4% within three years, down from 7% in the 2021 fiscal year.

It is also aiming to add another million net subscribers and grow revenue to 3 billion Australian dollars (US$2.15 billion), from A$2.8 billion in fiscal 2021. An increase in the proportion of customers who are streaming should also lift margins, it said.

News Corp. also owns Dow Jones & Co., publisher of The Wall Street Journal.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

09-29-21 2227ET

Stocks mentioned in the article
ChangeLast1st jan.
NEWS CORPORATION -2.41% 21.45 Delayed Quote.19.37%
TELOS CORPORATION -2.12% 16.15 Delayed Quote.-51.03%
TELSTRA CORPORATION LIMITED -0.74% 4.05 End-of-day quote.35.91%
All news about NEWS CORPORATION
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11/17NEWS : Notification regarding unquoted securities - NWS
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11/17Google signs 5-year deal to pay for news from AFP
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11/17NEWS CORP : Submission of Matters to a Vote of Security Holders, Regulation FD Disclosure,..
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11/17Declaration of Voting Results by News Corporation
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11/17Google signs 5-year deal to pay for news from AFP
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Financials (USD)
Sales 2022 10 117 M - -
Net income 2022 447 M - -
Net cash 2022 693 M - -
P/E ratio 2022 27,6x
Yield 2022 0,93%
Capitalization 11 677 M 11 677 M -
EV / Sales 2022 1,09x
EV / Sales 2023 1,00x
Nbr of Employees 24 000
Free-Float 73,2%
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Mean consensus BUY
Number of Analysts 8
Last Close Price 21,45 $
Average target price 30,13 $
Spread / Average Target 40,5%
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Managers and Directors
Robert James Thomson Chief Executive Officer & Director
Susan Lee Panuccio Chief Financial Officer
Lachlan Keith Murdoch Co-Chairman
Keith Rupert Murdoch Executive Co-Chairman
David Kline Chief Technology Officer & Executive VP
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