Foxtel IPO Still In Play Despite Revenue Slump
News Corp CEO, Robert Thomas, has confirmed an IPO of Foxtel is still on the cards, despite a continued slump in the pay-TV provider’s revenue and subscription numbers.
As per Mumbrella, Thomson has informed investors the company is confident it can rebound Foxtel’s flailing results, following “new momentum” under the leadership of Patrick Delaney.
“We indicated our plans for an IPO when we announced the combining of Foxtel and Fox Sports Australia and that continues to be our goal,” asserts Thomson.
As previously reported, in January Mr Delaney was appointed the new CEO of the merged Foxtel, Fox Sports entity, with News Corp snaring leadership control.
Thomson asserts cricket remains a crucial part of Foxtel’s sports offering, likely to further boost subscription numbers.
The pay-TV provider is set to offer year-round cricket, after snaring rights from Cricket Australia, coupled with the launch of a dedicated cricket channel.
He adds the “new Foxtel” will work more closely with News Corp’s mastheads, providing increased cross-promotion opportunities.
Further investment in video streaming services are reportedly also in the works, with the right technology mix claimed to drive a subscriber boost.
Thomas adds Foxtel’s “new team” is aware of the need to improve user interface, and introduce an over-the-top streaming service sometime soon.