News Corporation remains upbeat about the merger of Foxtel and FOX Sports despite flat revenue at the subscription TV giant.
The international publishing group reported a net loss of $1.9 billion for 2017/18, worse than the previous year’s $872 million.
But the result was skewed by accounting writedowns, including $1.35 billion for the consolidation of Foxtel and FOX Sports in Australia.
In an investor call chief executive Robert Thomson talked up the positive impact of the Australian merger and new Foxtel leadership with CEO Patrick Delany.
“[At Foxtel] there’s a new team, a new mood and new momentum. That will be crucial for the success in driving subscriptions for the health of a business,” Thomson said.
“There’s no doubt Foxtel has the best portfolio of programs and sports rights, which has been enhanced by cricket rights.
“Australian audiences are willing to pay for premium programming, [more so] than we previously assumed.”
Thomson said a new sports streaming product, which is due to roll later this year, would help drive subscriptions and a Foxtel IPO is still on the cards.