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Foxtel CEO Says IPO Up to Owners of Australian Pay-TV Provider

09/29/2021 | 08:15pm

By Stuart Condie

SYDNEY--Australian pay-TV provider Foxtel's future ownership is a matter for co-owners News Corp. and Telstra Corp. Ltd., Chief Executive Patrick Delaney said.

Analysts have speculated that Foxtel's owners could list the company on the Australian Securities Exchange, but Mr. Delaney on Thursday said any plans were beyond his remit.

"An IPO is a matter for the shareholders. The mission I've been given is to make sure the investment community, the people who invest in our shareholders, understand the value that we have delivered and the transformation journey we are on," Mr. Delaney said during a Foxtel strategy day.

Foxtel is pivoting from traditional cable TV to a less capital-intensive streaming model amid competition from the likes of Netflix Inc. and Walt Disney Co. The company said it is targeting a capex-to-revenue ratio of 4% within three years, down from 7% in the 2021 fiscal year.

News Corp. also owns Dow Jones & Co., publisher of The Wall Street Journal.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

09-29-21 2215ET

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