"As part of the refinancing News Corp has contributed an additional $200 million loan and the new financing will extend maturities for at least three years and importantly provide Foxtel with ample liquidity and flexibility to execute on its strategy,” she said.
In May,the media giant was forced to inject cash into Foxtel after it failed to find external lenders to refinance its debt amid concerns about its transition from a traditional pay TV provider to lower margin streaming service such as Kayo.
News Corp said Australia's sluggish economy and property slump have weighed on its earnings after reporting a $US211 million ($305.8 million) net loss for the first quarter after writing down the value of its US marketing business.
But the media company expressed its optimism about new content deals it struck last month with social media giants Facebook and Apple.
News Corp chief executive Robert Thomson said the quarterly result was affected by"pronounced currency headwinds,a particularly sluggish Australian economy and property market",and $US273 million in write-downs to account for the declining value of News America Marketing,its newspaper ad inserts business which is in structural decline. It compares with a prior-year result that had been boosted by a one-off gain from exiting the company's UK betting venture.