BREAKING NEWS: Foxtel CEO Peter Tonagh Exits, Delany Takes Over
In breaking news, Foxtel Chief Executive Peter Tonagh has exited the company after less than two years, with Fox Sports CEO Patrick Delany to take over effective immediately – as tipped by ChannelNews several weeks ago.
Mr Tonagh’s exit comes just two months after the ACCC cleared the merger between Foxtel and Fox Sports. It’s believed that falling subscriptions and the need for a bigger focus on sport led to the move.
Mr Tonagh commenced his position as Foxtel CEO in March 2016, and was formerly the joint head of News Corp with Michael Miller.
Robert Thomson, News Corp CEO, has expressed his thanks for Mr Tonagh’s tenure at News Corp, Foxtel and the REA Group:
“There is no question that Peter Tonagh has been a thoughtful, far-sighted leader and his positive influence will resonate for many years to come”.
Mr Tonagh affirms that the “time is right” for him to move on, as the merger of Foxtel and Fox Sports draws to a close:
“With the process of bringing Foxtel and Fox Sports together proceeding towards a conclusion soon, it is the right time for me to move on and put Foxtel into the hands of the person who will lead the new company.
“I have known Patrick from his years at Foxtel and Fox Sports, and he is the right person to be at the helm in this new era”
“I am proud of what Foxtel has achieved in recent years. We have dramatically lifted the quality and quantity of Foxtel’s programming while making it more available and affordable for millions of Australians”.
The merger between Foxtel and Fox Sports was confirmed about six months ago, and late last year it seemed the deal was in jeopardy following carriage fee negotiations with Telstra over Sky News. The issue was resolved earlier this month.
Under the new proposal, News Corp will hold a 65% stake in the merged entity and Telstra 35%.
At current, Foxtel is equally owned by News Corp and Telstra, and News Corp the sole owner of Fox Sports.
More to follow