Allens has advised News Corp on the merger between Foxtel and Fox Sports, finalised in a definitive agreement signed on 6 March.
News Corp, which currently owns 100 per cent of Fox Sports and 50 per cent of Foxtel, will hold 65 per cent of the merged entity under the deal. Telstra, currently 50 per cent owner of Foxtel, will hold the remaining 35 per cent.
News Corp will appoint four directors (including the chairman) to the combined entity's board, with Telstra appointing the remaining two.
Allens provided advice on all corporate and competition aspects of the deal, including obtaining FIRB and ACCC clearance.
Kylie Brown, lead corporate partner on the matter, said: 'We are delighted to have worked with News Corp on another landmark deal in Australia. The combination of the two businesses will see enhanced offerings for sports and entertainment content consumers.'
Jacqueline Downes, head of Allens' Competition, Consumer & Regulatory group and lead competition partner on the matter, said: 'The production, distribution and consumption of media has changed dramatically in recent years and as a result we've seen increasingly innovative action from content providers like Foxtel. This is a trend we expect will continue in coming years.
'This deal also provided an interesting case study on the ACCC's evolving approach to mergers in the rapidly changing media and content markets.'
News Corp and Telstra expect the transaction to be completed during the fourth quarter of the current financial year.
Allens legal team
Kylie Brown (Lead Partner, Corporate), Jacqueline Downes (Lead Partner, Competition), Chelsey Drake (Partner, Corporate), Lizzie Fuller (Senior Associate, Corporate), Chris Travers (Senior Associate, Corporate), Amanda Richman (Senior Associate, Competition), Gillian Hayden (Associate, Corporate), Jack Ducommun (Associate, Competition)
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.