Foxtel Delays Public Float
The public float of Foxtel has been pushed back until the second half of the year, due to a number of financial factors impacting the industry at large.
Forecasts of interest rate rises, global inflation, and uncertainties due to the escalating conflict in Ukraine have all forced the media giant to delay the IPO, an announcement regarding which was expected this month.
“Whether the owners decide to offer part of it to the public, or whether we’re talking to debt markets about refinancing, or frankly, our own shareholders, we are building stable value,” Patrick Delany told The Australian early this year.
“I think we can cope with whatever structure. It (an IPO) really is a matter for the shareholders.”
News Corp owns 65 per cent stake in Foxtel, with the remaining 35 per cent owned by Telstra.
Of course, the expected purchase of Fetch by Telstra this week might be another reason for the delayed IPO.