This is because Foxtel’s most successful output deal lies with WarnerMedia and its streaming service HBO Max. The multimillion-dollar deal was renewed in early 2020 after a fierce bidding war with rival Stan, and expires at the end of 2023. Stan’s owner, Nine Entertainment Co, publishes this masthead.

That contract has given Foxtel and its entertainment streaming service Binge a number of hit programs - Succession, Euphoria, And Just Like That and White Lotus among them. But several weeks ago Warner and Discovery detailed plans to combine their two streaming services - HBO Max and Discovery Plus - and rapidly expand a new video platform across the world.

That could include Australia. Even if it doesn’t, threat of the service coming to these shores could be used to extract a higher price from Foxtel or Stan when HBO rights are renewed.

Multiple banking sources, who spoke anonymously, say now is not the right time for a Foxtel IPO. They believe the market is too volatile and don’t think there is appetite among investors for a publicly listed cable TV and streaming company.

Foxtel’s other shareholder, Telstra, has also had its eye elsewhere. The company has just appointed a new CEO, Vicki Brady, who may view media differently to her predecessor Andy Penn. Telstra is also poised to announce a deal to take control video aggregator Fetch TV as early as this week.