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News Corp, Telstra Agree To Merge Foxtel, Fox Sports Australia

News Corp. (NWS,NWSA) and Telstra announced they have signed definitive agreements to combine Foxtel and FOX Sports Australia.

Telstra CEO Andy Penn said the combination of Foxtel and FOX SPORTS Australia with their content assets would position the company to strogly compete in the dynamic media market, and it would continue to be an important part of Telstra's media strategy.

As per the deal, News Corp will have 65 percent shareholding in the combined entity and Telstra will have 35 percent.

News Corp will appoint four directors (including the Chairman) to the combined entity's board and the senior executives, and Telstra will appoint two directors.

News Corp will consolidate the combined entity into its financial statements.

The transaction is expected to close during the fourth quarter of Fiscal Year 2018.

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