News Corp said it entered into a definitive agreement with Telstra Corporation Limited to sell NXE Australia Pty Limited ("Foxtel") to DAZN Group Limited, according to a press release on December 23, 2024.

1. 01

   News Corp said it entered into a definitive agreement with Telstra Corporation Limited to sell NXE Australia Pty Limited ("Foxtel") to DAZN Group Limited, according to a press release on December 23, 2024.

2. 02

   The company said it classified Foxtel's operating results as discontinued operations under ASC 205-20 from the 2025 fiscal year, Q2, as the sale process advanced and it stopped further major business activities in its Subscription Video Services segment.

3. 03

   The company said that after reclassifying Foxtel's results, the Subscription Video Services segment no longer qualified as a reportable segment. It said the segment's remaining results were combined into the News Media segment.

4. 04

   The company said it recast its consolidated financial statements in its Form 10-K for the fiscal year ended June 30, 2024, filed on August 13, 2024, to reflect the presentation of Foxtel as discontinued operations and the change in reportable segments. It said it also amended Items 7 and 8 of Part II.

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Original filing

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