News Corp and Australian telecom company Telstra have agreed to sell their jointly owned pay television company, Foxtel, to sports streaming service DAZN Group in a deal that values Foxtel at around US$2.

Australian telecom firm Telstra said on Monday it had sold a 35% stake in Australian cable TV and streaming unit Foxtel to British streaming platform DAZN.

Sports streaming company DAZN is buying Australia’s Foxtel Group from majority shareholder News Corp and minority shareholder Telstra in a deal with an enterprise value of $2.2 billion. The deal, which is subject to regulatory approval,