Foxtel has put its IPO plans on hold due to the domestic and international rise in recent months.

Insiders involved in the deal told The Australian that global inflation, expectations of multiple rate hikes and the ongoing war in Ukraine are all factors that have played a role in delaying the platform’s public float. -form of television owned by News Corporation.

It has been widely speculated in the industry that an IPO announcement will be made by the end of the month and the company will be listed on the stock exchange by the end of the fiscal year, but it is likely that the agreement will not continue until the second half. of 2022.

But the publication noted that Foxtel will be close to going public when market conditions improve, having already finalized the regulatory, legal framework and prospectus required for its launch.

The TV platform hopes to raise $1 billion when the IPO finally launches, The Australian reported, which the Sydney Morning Herald said would potentially be by the end of the financial year.

Foxtel is Australia’s largest subscription television provider and has over four million subscribers. In recent years, it has changed direction, launching a slew of streaming services — dramas on Binge, sports on Kayo and world news on Flash — each with around a million subscribers. which represent 56% of the total number of Foxtel group subscribers.

Since 2016, Foxtel has made several attempts to launch a public offering. According to the SMH, this initial plan would have seen News Corp retain its majority stake of 51% in the company, while Telstra would be reduced to 20% and new investors to 30%.

Meanwhile, Foxtel Group Chief Executive Patrick Delany told The Australian that going public with an IPO was the business of the company’s shareholders.

“Whether the owners (News Corp, publisher of The Australian, has a 65% stake in Foxtel, with the remaining 35% held by Telstra) decide to offer some of it to the public, or whether it’s debt markets on refinancing, or frankly, our own shareholders, we are building stable value.

“I think we can cope with any structure. It is (a possible public listing) the business of the shareholders,” he added.

Top image: Patrick Delany, Foxtel Group Chief Executive