Rupert Murdoch's News Corp and Telstra have agreed to sell their Australian cable TV and streaming business Foxtel to DAZN, a British sports streaming platform. The deal valued Foxtel at over $2 billion, including debt. News Corp will retain a 6% stake in DAZN, while Telstra will hold a 3% stake. Foxtel has long been a drag on News Corp’s profitability and has struggled as subscribers shifted to cheaper streaming alternatives like Netflix. The company has responded by launching its own streaming service at a lower price point. DAZN’s entry into the Australian market aligns with its global strategy to become a leading sports streaming platform. Shares of News Corp and Telstra saw modest gains in early trading.