Siobhan McKenna’s future in focus post Foxtel sale to DAZN
The most powerful News Corp executive in Australia and close Murdoch ally will retain her influence but could be set for new responsibilities in the wake of Foxtel's sale to DAZN.
News Corp’s $3.4 billion sale of Foxtel to the global sports streaming platform DAZN could reshape the role and responsibilities of the company’s most powerful executive in Australia and Lachlan Murdoch's most trusted lieutenant in the country.
Siobhan McKenna, the CEO of News Corp’s broadcasting arm, was instrumental in the sale of the company’s biggest broadcasting asset, Foxtel, to DAZN, according to people briefed on the transaction speaking on the condition of anonymity. The deal was broadly well received by the market.
Yet while Foxtel CEO Patrick Delany — who has been linked with a range of jobs in the media, wagering and sports industries — will retain his role under DAZN's ownership, how the transaction ultimately affects McKenna remains unclear.
The deal, which gave Foxtel an enterprise value of $3.4 billion and is still subject to regulatory approval, will see $578 million in loans from News Corp repaid in cash and Foxtel’s debts refinanced with News Corp to take a 6% stake in DAZN. News Corp will also get one seat on the DAZN board. Telstra will take a 3% position and $128 million cash for its loans.
