Under the terms of the deal, the SPAC would have acquired a major stake in Foxtel and paid off a large amount of the pay TV company’s $2.1 billion debt pile. The sources said News Corp would have kept a substantial holding in Foxtel under the proposal, which was not successful. A spokesperson for News Corp declined to comment. Foxtel and Telstra, which owns 35 per cent of the pay TV company, also declined to comment. Advertisement

News Corp received ‘blank cheque’ approach for Foxtel stake