Former Labor heavyweight joins Foxtel board as new billionaire owner reshapes pay TV giant

Stephen Conroy, the former federal communications minister turned lobbyist, has landed a new gig — a seat on the Foxtel board — following a major shake-up under its new billionaire owners at global sports streamer DAZN.

The appointment marks a major changing of the guard at one of Australia’s biggest media companies, after DAZN, controlled by British-Ukrainian billionaire Len Blavatnik’s Access Industries, snapped up Foxtel earlier this year from News Corp and Telstra.

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AFR reports accounts lodged with the corporate regulator show Conroy joins Amaysim founder Peter O’Connell, DAZN’s global CEO Shay Segev, its chief financial officer Darren Waterman, and long-time Foxtel boss Patrick Delany on the revamped board.

“Foxtel has a great heritage (just hit 30 years). It’s a company run by Australians … which produces sport and drama in Australia for Australians,” Conroy said.

“The new ownership gives us an opportunity to spread the love of Australian sport internationally. It was a great opportunity to play a part in that.”

Foxtel, which owns streaming services Kayo Sports and Binge, remains a heavyweight in the local media scene, though its traditional pay TV business continues to decline. It still holds prized broadcast rights for the AFL, NRL, cricket and Formula 1, and recorded $2.9 billion in revenue for the year to June 30, with streaming growth largely offsetting falls in cable subscriptions.

Despite the steady top line, Foxtel posted a $214.1 million loss in 2025, widening from $96.4 million the year prior. Advertising revenue edged up to $363 million, while “focused transformation activities” boosted cash flow by $44 million to $368.7 million. The company also shed 220 jobs during the year, leaving about 1200 employees.

The latest filings provide the first glimpse under the hood since DAZN’s $3.4 billion takeover in April, signalling the sports streamer’s plan to bring tighter control and global ambitions to the Australian broadcaster.

Conroy’s arrival has raised eyebrows given his deep political and industry ties. The former senator and Labor minister, who served from 2007 to 2013, also chaired Responsible Wagering Australia between 2016 and 2020, and now heads lobby firm TG Public Affairs and the Australian Professional Leagues (APL) — the body behind the A-League.

Sources close to the APL, who weren’t authorised to comment publicly, said Conroy would step aside from any Foxtel broadcast discussions involving the organisation.

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Conroy also shares connections with Dazn’s inner circle. Former APL boss Danny Townsend joined SURJ Sports Investment, part of Saudi Arabia’s Public Investment Fund, after leaving the league in 2023. His successor included DAZN co-founder James Rushton. Earlier this year, SURJ spent $US1 billion ($1.5 billion) buying a stake in Dazn, a deal led by Townsend — who now sits on the Dazn board.

The global streaming platform has long touted itself as a “Spotify of sport”, merging live coverage with betting, data and merchandise. It’s been an expensive dream to chase. Blavatnik recently poured another $891 million into DAZN, taking his total investment above $US7.3 billion over the past decade. Losses have narrowed, with DAZN reporting a $US936 million deficit in 2024 — down from $US1.4 billion the year before.

SOURCE: AFR

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