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News Corp Class B NWS

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Morningstar’s Analysis

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Foxtel Streams its Growth Dreams

Brian Han Director

Analyst Note

| Brian Han |

The value of Foxtel has long been buried within the sprawling empires of News Corporation and Telstra−the 65% and 35% shareholder, respectively. With EBITDA (Foxtel and Fox Sports combined) having halved over the past five years to AUD 462 million in fiscal 2021 and the pay TV subscriber base down 35% to 1.9 million, there were good reasons to keep it that way.

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Company Profile

Business Description

News Corporation is a media conglomerate with large presence in the U.S, the U.K., and Australia. Key brands include The Wall Street Journal, Herald Sun, and The Times. The company also has a strong presence in the Australian pay-TV market through Fox Sports and Foxtel (both 65%-owned), while its 62%-owned REA Group is the dominant real estate classified business in Australia. In addition, it owns HarperCollins, one of the largest book publishers globally, and also has a substantial digital property advertising business (Move) in the U.S.

Contact
1211 Avenue of the Americas
New York, NY, 10036
T +1 212 416-3400
Sector Communication Services
Industry Broadcasting
Most Recent Earnings Jun 30, 2021
Fiscal Year End Jun 30, 2022
Stock Type Slow Growth
Employees 24,000

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