UPDATE: Foxtel has just unveiled a completely revamped board following its acquisition by sports streaming giant Dazn in a deal valued at $3.4 billion. Key appointments include former federal communications minister Stephen Conroy and Amaysim founder Peter O’Connell, signaling a significant shift in leadership under the new ownership of billionaire Len Blavatnik’s Access Industries.
The announcement comes as Dazn aims to reshape Foxtel, one of Australia’s largest media companies, known for its vast pay television network and streaming platforms Kayo Sports and Binge. With 220 jobs cut in the past year, Foxtel now operates with about 1,200 employees, focusing on transforming its business model to adapt to a rapidly changing media landscape.
New board members join Dazn’s global CEO Shay Segev, CFO Darren Waterman, and longtime Foxtel CEO Patrick Delany. This restructuring takes place against the backdrop of Foxtel’s reported revenue of $2.9 billion for the financial year ending June 30, showing little change from the previous year but reflecting a decline in subscription revenue.
EXPERT INSIGHT: The changes at Foxtel come as it grapples with competition in the streaming industry. Advertising revenue has slightly increased to $363 million, and cash flows rose by $44 million to $368.7 million. However, the company still reported a substantial loss of $214.1 million in 2025, following a loss of $96.4 million the year prior.
Conroy’s appointment is particularly noteworthy. The former senator, who served as communications minister from 2007 to 2013, now leads lobby firm TG Public Affairs and has strong ties to the gambling industry. Sources indicate that he will recuse himself from any potential broadcast negotiations between Foxtel and the Australian Professional Leagues, where he also chairs.
The corporate shake-up follows the departure of previous board members including Lachlan Murdoch’s ally Siobhan McKenna, who stepped down after the sale. News Corp retains a 6 percent stake in Dazn, while Telstra holds a 3 percent stake.
Dazn, aiming to become the “Spotify of sport,” has seen its losses narrow to $936 million in 2024 from $1.4 billion the year before. Blavatnik’s ongoing commitment is evident, with an additional $891 million injected into Dazn, raising his total investments to over $7.3 billion in the last decade.
As Dazn continues to expand its global footprint, all eyes will be on how these leadership changes at Foxtel will impact its future, particularly in relation to broadcast rights for major Australian sports leagues including the AFL and NRL.
Stay tuned for more urgent updates as this story develops.
