Fox Corp In Negotiations To Acquire Tabcorp

Fox Corporation, a US media conglomerate owned by the Murdoch family and billionaire Lachlan Murdoch, has been in negotiations to acquire parts of Tabcorp, an Australian SX-listed gaming operator.

The Los Angeles-based firm has filed a trademark in Australia for its betting arm, FOXbet, indicating that it is planning an assault on Australia’s betting industry.

A Pioneer’s Passion

About the fact that the talks are private, sources in the gambling industry say that Murdoch – who has accrued a sizable fortune by engaging in the US wagering market – is exploring future alliances with Australian gambling brands.

Murdoch was working behind the scenes with the US investment fund on Tabcorp’s bookmaking and media division transactions, according to the same reports.

A future deal includes bookmaker Matthew Tripp, who is regarded as one of the industry’s heavyweights in his own right. So far, Tripp has remained silent on the topic.

There is yet to be an official approach to Tabcorp, but there is no assurance that the offer will go through.

Additional Bids

In 2019, Fox Company joined with The Stars Group to create FoxBET. According to the Australian registry, the trademark was accepted in October.

Tabcorp, Ladbrokes-owned Entain, and Apollo, a US equity company, have all made bids for its wagering and media business.

It is unclear if Tabcorp, which is valued at $10 billion, will pursue a structured selling process.

Tripp was linked to the third Tabcorp proposal, but the other members of his consortium have yet to be named. Tripp is one of Australia’s online betting industry’s leaders, having been instrumental in the rise of market leader Sportsbet.

On Tuesday, Fox’s stock reached a new peak, valuing the company at $25.4 billion. Murdoch’s wagering investments also raised the company’s stock cap by around $US5 billion.