News Corp (NWSA) and Telstra Corp Ltd (TLS.AU) announced plans to merge their jointly owned pay television company Foxtel into News Corp's FOX SPORTS Australia to create a large Australian sports and entertainment company.
The merger will result in News Corp owning a 65% stake in the new company, with Telstra owning 35%.
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The merger will position the new company for a future stock market flotation, News Corp and Telstra said.
News Corp is the parent company of The Wall Street Journal and Dow Jones Newswires.
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(END) Dow Jones Newswires
August 17, 2017 06:35 ET (10:35 GMT)