News Corp completes the sale of Foxtel Group to DAZN

News Corporation has completed the sale of Foxtel Group to DAZN Group Limited, following regulatory approvals from the Foreign Investment Review Board, the Australian Competition and Consumer Commission, and other authorities.

As part of the transaction, News Corp received repayment of A$592 million in shareholder loans and gained a minority equity stake of approximately 6% in DAZN. In connection with the deal, Andrew Cramer, News Corp’s Senior Vice President and Deputy Chief Financial Officer, has joined DAZN’s board.

News Corp reaffirmed its ongoing commitment to supporting Australian sport and entertainment through its platforms. Chief Executive Robert Thomson praised Foxtel’s transformation and expressed confidence in DAZN’s ability to propel Foxtel’s growth.

Chief Financial Officer Lavanya Chandrashekar highlighted the strategic impact of the sale, noting it allows the company to sharpen its focus on core growth areas, reduce capital intensity, improve returns, and strengthen the balance sheet. The sale is expected to be accretive to earnings per share.

News Corporation Provides Update on Stock Repurchase Program

On March 24, 2025, News Corporation filed a report confirming continued activity under its $1 billion stock repurchase program, which covers both Class A and Class B common stock. In accordance with Australian Securities Exchange (ASX) rules, the company submitted daily disclosures of transactions related to the program, attached as Exhibits 99.1 and 99.2.

The company noted that these updates contain forward-looking statements regarding its intention to repurchase shares over time. Such statements are based on current expectations and are subject to risks, including changes in stock price, market conditions, and applicable laws. News Corporation emphasized that it is under no obligation to update these statements unless legally required.

News Corporation has provided an update on its stock repurchase program, which authorizes the company to acquire up to $1 billion in outstanding shares of its Class A and Class B common stock. As part of its compliance with Australian Securities Exchange (ASX) rules, the company is required to disclose daily transactions related to the repurchase program.

The company also includes this information in its quarterly and annual reports. Exhibits 99.1 and 99.2 contain disclosures provided to the ASX on the specified dates. The company notes that these disclosures contain forward-looking statements, which are subject to risks and uncertainties that may cause actual results to differ from expectations. Factors influencing these statements include market price fluctuations, general market conditions, applicable securities laws, and alternative investment opportunities.

News Corporation has filed a Form 8-K with the U.S. Securities and Exchange Commission (SEC), dated February 26, 2025. The key points from this filing are:

News Corporation is authorized to repurchase up to $1 billion of its Class A and Class B common stock under its stock repurchase program. As required by the Australian Securities Exchange (ASX), the company provides daily disclosures of repurchase transactions, if any. Details of these repurchases are also included in the company’s quarterly and annual reports.

The report includes forward-looking statements regarding future stock repurchases. These statements are based on current management expectations but may vary due to factors like market conditions, stock price fluctuations, legal or regulatory changes, and alternative investment opportunities. The company does not commit to updating these forward-looking statements unless legally required.

Exhibits included in the filing are Exhibit 99.1 and Exhibit 99.2, which contain information provided to the Australian Securities Exchange regarding stock repurchases, and Exhibit 104, a cover page interactive data file in XBRL format.

The filing is signed by Michael L. Bunder, Senior Vice President, Deputy General Counsel, and Corporate Secretary.

This update primarily concerns stock repurchases and regulatory disclosures rather than any operational or strategic shifts within the company.