News Corp Explores Sale of Foxtel

News Corp is exploring the sale of its Australian pay TV and streaming unit, Foxtel, following third-party interest amid a strategic review of its assets. CEO Robert Thomson stated that while the company had no imminent plans to sell, it is evaluating options to maximize shareholder returns. Foxtel, which includes streaming services Kayo and Binge, has transformed significantly but continues to face intense competition in the streaming era. The business reported a slight decline in profits for the June quarter but showed growth in subscriber numbers for its streaming services. News Corp owns 65% of Foxtel, with Telstra holding the remaining share. Investors reacted positively to the news, with News Corp's shares rising as much as 8% following the announcement.