InDaily InDaily

Support independent Journalism Donate Subscribe
Support independent journalism


Telstra cops hit after News Corp slashes Foxtel value


Telstra will take a $300 million impairment charge on its 35 per cent stake in Foxtel after the majority owner of the pay TV network, News Corp, wrote down its value.

Print article

The value of Telstra’s stake in Foxtel will decline from $750 million to $450 million.

News Corp earlier said it would take a $1.7 billion impairment charge against its Foxtel and News America Marketing assets.

Online streaming services such as Netflix, Stan and Amazon’s Prime have made it much tougher for Foxtel to win customers in recent years.

The COVID-19 pandemic has also limited one of Foxtel’s key selling points: live sport.

Telstra chief executive Andrew Penn said the telco was likely to make a non-cash adjustment consistent with this valuation at its annual results meeting in August.


Want to comment?

Send us an email, making it clear which story you’re commenting on and including your full name (required for publication) and phone number (only for verification purposes). Please put “Reader views” in the subject.

We’ll publish the best comments in a regular “Reader Views” post. Your comments can be brief, or we can accept up to 350 words, or thereabouts.

Make a comment View comment guidelines

Local News Matters

Media diversity is under threat in Australia – nowhere more so than in South Australia. The state needs more than one voice to guide it forward and you can help with a donation of any size to InDaily. Your contribution goes directly to helping our journalists uncover the facts. Please click below to help InDaily continue to uncover the facts.

Donate today
Powered by PressPatron

More Business stories

Loading next article