News Corp has provided Foxtel with a $300 million injection to help ease the company’s debt, following its consolidation with Fox Sports.
The finance, confirmed during an analyst briefing following release of third quarter earnings, is in the form of a shareholder loan.
“We continue to evaluate numerous options to provide Foxtel with more financial flexibility at an optimal capital structure,” News Corp chief financial officer Susan Panuccio says.
“To that end, we have contributed $300 million by shareholder loans.”
Foxtel currently has an outstanding debt of $1.33 billion.
Last week News Corp, owner of Foxtel, reported a revenue growth of 17% for the third quarter, reaching a revenue of US$2.46 billion.
Its CEO Robert Thomson said this was helped by a strong digital strategy and book publishing arm, as well as the consolidation of Foxtel with Fox Sports last year.
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