Foxtel boss Patrick Delany declined to comment on Thomson’s statement further, saying it is a matter for shareholders, similar to the long speculated public float on the ASX.

“We’re used to speculation about us. In the early days, 2017-18 it was that we weren’t going to make it. Then there was the flotation stuff, and then this. I think, the management team and all of the great team at the Foxtel Group, we just keep our heads down and continue on.”

He said a sale process will make no impact on the company’s ongoing activities, including its approach to looming negotiations over a new NRL broadcast rights contract.

A legacy broadcast provider through its set-top boxes, Foxtel has launched a number of digital products in the past five years in a pivot to find sustainable revenues amid declining traditional customers. It now has 1.2 million paying customers to its legacy Foxtel boxes.

Revenues across News Corp rose by 6 per cent in the quarter to $US2.58 billion. EBITDA (earnings before interest, taxation, depreciation and amortisation) was up 11 per cent on the corresponding quarter, totalling $US380 million, with its Harper Collins and REA Group businesses more than offsetting sharp declines in the news media segment.

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Sports streaming service Kayo added 108,000 paying subscribers in the quarter, likely owing to the popular AFL and NRL offerings that the service carries. Entertainment service Binge netted 76,000 new paying subscribers.

In Australia, paying subscribers to News Corp’s news mastheads including The Australian, The Daily Telegraph and The Herald Sun grew to 968,000, up 2,000 on the previous quarter. Revenue decreased by 5 per cent in Australia the company said, “driven by lower circulation and subscription revenues”.

A Telstra spokesperson echoed News Corp’s commentary over the sale.

“Consistent with the statements made by News Corp, there is no assurance regarding the timing of any action or transaction, nor that the strategic review will result in a transaction or other strategic change.”

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