News Corp will look to put its pay television service, Foxtel, up for sale after the media giant revealed its full-year earnings results.
In a press release, News Corp said fourth-quarter revenues had increased six per cent to $2.58 billion, compared to $2.43 billion the year before.
It credited the growth to higher Australian residential revenues in the ASX-listed REA group, book sales (15 per cent increase), and steady growth in the Dow Jones segment.
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Meanwhile, Foxtel Group “saw strong streaming performance,” and both Kayo and BINGE services achieved “record paying subscribers”.
Foxtel’s performance has attracted the attention of a potential buyer, said chief executive Robert Thomson.
“We are confident in the Company’s long-term prospects and are continuing to review our portfolio with a focus on maximizing returns for shareholders,” he said.
“That review has coincided recently with third-party interest in a potential transaction involving the Foxtel Group, which has been positively transformed in recent years.
“We are evaluating options for the business with our advisors in light of that external interest.”
News Corp owns 65 per cent of Foxtel, with Telstra owning the other 35 per cent.
The full release can be read here.