Business
Secret Foxtel bid adds to intrigue at struggling pay TV group – Sydney Morning Herald
It’s difficult to decide which is more surprising: the revelation that someone put together a $US2 billion-plus bid for Foxtel; or that its two heavyweight shareholders…
Of course, Foxtel’s challenges predate the pandemic. Last May, News Corp slashed the value of its 65 per cent holding on its books by nearly $US1 billion; Telstra also wrote-down its stake by $300 million.
As recently as last year, both of Foxtel’s owners were openly talking about floating the business on the stockmarket, a move that would have allowed each to reduce their shareholdings. That plan was seemingly shelved as Foxtel’s financial position deteriorated.
But the asset still piqued the interest…
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