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Coalition urges foreign investment ‘safeguards’ as Saudi builds $1.58b stake in Foxtel owner

News Corp’s $3.4 billion sale of Foxtel is already under regulatory review, and Saudi Arabia’s stake in DAZN is expected to draw even greater scrutiny to the deal.

John Buckley
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In a company update late last month, DAZN Group chief executive Shay Segev said that 2024 was a “landmark year” for the company. Sipa USA/Marco Alpozzi.

The Coalition has called for safeguards on Saudi Arabia’s $1.58 billion stake in Foxtel’s new owner, DAZN, as the global sports streamer moves to finalise its acquisition of the pay TV operator and its Australian assets.

Shadow Treasurer Angus Taylor has urged caution over Saudi Arabia’s investment, which legal experts expect will add regulatory scrutiny to News Corp and Telstra’s $3.4 billion sale of Foxtel to DAZN last year. Taylor has called for guardrails on the sovereign wealth fund’s stake.

“The Opposition welcomes foreign investment in this country, but we need the appropriate safeguards particularly when it comes to critical infrastructure,” Taylor told Capital Brief in response to an announcement detailing Saudi Arabia’s minority stake in DAZN.

“We need to ensure appropriate safeguards are in place to protect our sovereignty and national security while ensuring our businesses can access capital and support Australian jobs.”