Former federal communications minister turned lobbyist Stephen Conroy and Amaysim founder Peter O’Connell have reportedly joined the Foxtel board, which now sits under the oversight of DAZN following its $3.4 billion acquisition from News Corp and Telstra earlier this year.
According to the Australian Financial Review, the refreshed board includes DAZN global chief executive Shay Segev, chief financial officer Darren Waterman, and long-time Foxtel CEO Patrick Delany, who remains in his role and now serves as a director under the new ownership.
Foxtel, which recently celebrated its 30th anniversary, remains one of Australia’s largest media companies. While its traditional pay television business continues to contract, its streaming platforms, Kayo Sports and Binge, have driven digital growth and offset subscription declines to legacy pay TV.
According to recently lodged accounts, Foxtel reported $2.9 billion in revenue for the year to June 30, largely unchanged from the prior year, and a $214 million loss amid ongoing transformation efforts. Advertising revenue rose slightly to $363 million, with “focused transformation activities” helping lift cash flows by $44 million.
In his first public statement since joining the board, Conroy said the company’s heritage and future potential made it an attractive proposition.
“Foxtel has a great heritage (just hit 30 years). It’s a company run by Australians … which produces sport and drama in Australia for Australians,” Conroy said in the statement.
“The new ownership gives us an opportunity to spread the love of Australian sport internationally. It was a great opportunity to play a part in that”.
Conroy, who also chairs TG Public Affairs and the Australian Professional Leagues (APL), has reportedly agreed to recuse himself from any future Foxtel-APL broadcast negotiations.
Foxtel’s sale to DAZN earlier this year marked a strategic exit for News Corp, which had been the company’s majority owner since its inception. The media group retained a 6 per cent stake in DAZN, while Telstra took 3 per cent.
Until the sale, Foxtel’s board was chaired by Siobhan McKenna, one of Lachlan Murdoch’s closest lieutenants, alongside News Corp executive chairman Michael Miller and Telstra’s Brendon Riley and Sanjay Khushu, and Mark Kaner, a former Twentieth Century Fox president. McKenna last week stepped away from all Murdoch-linked boards, including Illyria, which owns Nova Entertainment.
At the time of the acquisition, News Corp chief executive Robert Thomson praised Foxtel’s transformation under News Corp’s ownership, calling it a “result of the team’s tenacity, creativity and professionalism”.
“We are confident that DAZN is poised to drive the next phase of Foxtel’s growth and we are delighted to be DAZN’s partner and shareholder,” Thomson said.
