Business
News Corp received ‘blank cheque’ approach for Foxtel stake – Sydney Morning Herald
Rupert Murdoch’s News Corporation turned down an offer from a US “blank cheque” company to invest in Foxtel earlier this year.
Foxtel, which is 65 per cent owned by News Corp, has been under pressure in recent years amid the rise of offshore streaming services such as Netflix. The once dominant pay TV platform has spent the last year drastically cutting costs and launching its own streaming products such as Kayo Sports and Binge in an attempt to reach new subscribers.
The company was trying to raise billions of dollars in debt in May last year in an attempt to roll over existing loans. It’s failure to do so resulted in…
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