Job cuts hit Foxtel, four weeks into new ownership
The cuts at the pay TV and streaming operator largely target staff from Foxtel's marketing and engineering teams. Staff were told of the decision on Wednesday.
A Foxtel spokesperson confirmed a number of 'highly skilled and highly valued people... will leave the Foxtel Group'.
'Our transformation is not new. We have been focused on efficiency for almost a decade, which has seen us successfully transform our business from being a single-product pay-TV operator to a modern Australian leader in streaming,' the spokesperson said.
'As part of the DAZN Group, we now have the opportunity to continue our transformation and take advantage of their global engineering and services. We are also working with DAZN to share our world-class product and technology expertise.'
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DAZN agreed to buy Foxtel from its dual shareholders News Corp and Telstra in December in one of the most impactful Australian media deals of the 21st century.
The redundancies are understood to have included some staff from the company's streaming aggregation business Hubbl.
Last week, The Australian Financial Review reported Foxtel had begun reviewing the future of Hubbl, which launched at the start of 2024 after spending more than $150 million.
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The Advertiser
2 hours ago
- The Advertiser
Top End war games visit follows bilateral pact signing
With the ink dry on a 50-year Anglo-Australian submarine agreement, visiting British ministers David Lammy and John Healey are set to join Deputy Prime Minister Richard Marles for some fun and war games in the Top End. Mr Marles and Secretary of State Mr Healey put pen to paper on a bilateral deal said to strengthen ties around the AUKUS nuclear submarine agreement in Geelong on Saturday despite a review of the three-nation pact by the US government. AUKUS, formed with the UK and US in 2021 to address concerns about China's rising military ambition, is designed to enable Australia to acquire nuclear-powered attack submarines in the 2040s. However, concerns over the viability of the $560 billion deal have been ongoing since the Trump administration initiated a review to examine if it meets its "America-first" criteria. In a bid to put the matter to rest, Mr Marles insisted after the Geelong Treaty signing that it built on "the strong foundation of trilateral co-operation between Australia, the UK and the United States" and advanced the shared objectives of AUKUS. "It will support the development of the personnel, workforce, infrastructure and regulatory systems required for Australia's ... AUKUS program" as well as support the rotational presence of a UK Astute-class submarine at HMAS Stirling in Perth, he said. Mr Marles said he remained confident about the future of US involvement in the partnership, as did Mr Healey and Mr Lammy, Britain's Foreign Secretary. Australia will pay $5 billion to support British industry in designing and producing nuclear reactors to power the future AUKUS-class subs. It will also acquire at least three Virginia-class nuclear-powered submarines from the US in the early 2030s. With the formalities done and dusted, Mr Marles, Mr Lammy and Mr Healey are expected to attend Talisman Sabre in Darwin on Sunday. Australia's largest and most sophisticated war-fighting exercise started on July 13 and involves more than 35,000 personnel from 19 militaries across three weeks. In addition to the US, forces from Canada, Fiji, France, Germany, India, Indonesia, Japan, the Netherlands, New Zealand, Norway, Papua New Guinea, the Philippines, the Republic of Korea, Singapore, Thailand, Tonga, and the UK have joined as partners. Malaysia and Vietnam are also attending as observers. The 2025 war games involve the UK's Carrier Strike Group, led by the Royal Navy flagship HMS Prince of Wales - the first UK carrier strike group to visit Australia since 1997. With the ink dry on a 50-year Anglo-Australian submarine agreement, visiting British ministers David Lammy and John Healey are set to join Deputy Prime Minister Richard Marles for some fun and war games in the Top End. Mr Marles and Secretary of State Mr Healey put pen to paper on a bilateral deal said to strengthen ties around the AUKUS nuclear submarine agreement in Geelong on Saturday despite a review of the three-nation pact by the US government. AUKUS, formed with the UK and US in 2021 to address concerns about China's rising military ambition, is designed to enable Australia to acquire nuclear-powered attack submarines in the 2040s. However, concerns over the viability of the $560 billion deal have been ongoing since the Trump administration initiated a review to examine if it meets its "America-first" criteria. In a bid to put the matter to rest, Mr Marles insisted after the Geelong Treaty signing that it built on "the strong foundation of trilateral co-operation between Australia, the UK and the United States" and advanced the shared objectives of AUKUS. "It will support the development of the personnel, workforce, infrastructure and regulatory systems required for Australia's ... AUKUS program" as well as support the rotational presence of a UK Astute-class submarine at HMAS Stirling in Perth, he said. Mr Marles said he remained confident about the future of US involvement in the partnership, as did Mr Healey and Mr Lammy, Britain's Foreign Secretary. Australia will pay $5 billion to support British industry in designing and producing nuclear reactors to power the future AUKUS-class subs. It will also acquire at least three Virginia-class nuclear-powered submarines from the US in the early 2030s. With the formalities done and dusted, Mr Marles, Mr Lammy and Mr Healey are expected to attend Talisman Sabre in Darwin on Sunday. Australia's largest and most sophisticated war-fighting exercise started on July 13 and involves more than 35,000 personnel from 19 militaries across three weeks. In addition to the US, forces from Canada, Fiji, France, Germany, India, Indonesia, Japan, the Netherlands, New Zealand, Norway, Papua New Guinea, the Philippines, the Republic of Korea, Singapore, Thailand, Tonga, and the UK have joined as partners. Malaysia and Vietnam are also attending as observers. The 2025 war games involve the UK's Carrier Strike Group, led by the Royal Navy flagship HMS Prince of Wales - the first UK carrier strike group to visit Australia since 1997. With the ink dry on a 50-year Anglo-Australian submarine agreement, visiting British ministers David Lammy and John Healey are set to join Deputy Prime Minister Richard Marles for some fun and war games in the Top End. Mr Marles and Secretary of State Mr Healey put pen to paper on a bilateral deal said to strengthen ties around the AUKUS nuclear submarine agreement in Geelong on Saturday despite a review of the three-nation pact by the US government. AUKUS, formed with the UK and US in 2021 to address concerns about China's rising military ambition, is designed to enable Australia to acquire nuclear-powered attack submarines in the 2040s. However, concerns over the viability of the $560 billion deal have been ongoing since the Trump administration initiated a review to examine if it meets its "America-first" criteria. In a bid to put the matter to rest, Mr Marles insisted after the Geelong Treaty signing that it built on "the strong foundation of trilateral co-operation between Australia, the UK and the United States" and advanced the shared objectives of AUKUS. "It will support the development of the personnel, workforce, infrastructure and regulatory systems required for Australia's ... AUKUS program" as well as support the rotational presence of a UK Astute-class submarine at HMAS Stirling in Perth, he said. Mr Marles said he remained confident about the future of US involvement in the partnership, as did Mr Healey and Mr Lammy, Britain's Foreign Secretary. Australia will pay $5 billion to support British industry in designing and producing nuclear reactors to power the future AUKUS-class subs. It will also acquire at least three Virginia-class nuclear-powered submarines from the US in the early 2030s. With the formalities done and dusted, Mr Marles, Mr Lammy and Mr Healey are expected to attend Talisman Sabre in Darwin on Sunday. Australia's largest and most sophisticated war-fighting exercise started on July 13 and involves more than 35,000 personnel from 19 militaries across three weeks. In addition to the US, forces from Canada, Fiji, France, Germany, India, Indonesia, Japan, the Netherlands, New Zealand, Norway, Papua New Guinea, the Philippines, the Republic of Korea, Singapore, Thailand, Tonga, and the UK have joined as partners. Malaysia and Vietnam are also attending as observers. The 2025 war games involve the UK's Carrier Strike Group, led by the Royal Navy flagship HMS Prince of Wales - the first UK carrier strike group to visit Australia since 1997. With the ink dry on a 50-year Anglo-Australian submarine agreement, visiting British ministers David Lammy and John Healey are set to join Deputy Prime Minister Richard Marles for some fun and war games in the Top End. Mr Marles and Secretary of State Mr Healey put pen to paper on a bilateral deal said to strengthen ties around the AUKUS nuclear submarine agreement in Geelong on Saturday despite a review of the three-nation pact by the US government. AUKUS, formed with the UK and US in 2021 to address concerns about China's rising military ambition, is designed to enable Australia to acquire nuclear-powered attack submarines in the 2040s. However, concerns over the viability of the $560 billion deal have been ongoing since the Trump administration initiated a review to examine if it meets its "America-first" criteria. In a bid to put the matter to rest, Mr Marles insisted after the Geelong Treaty signing that it built on "the strong foundation of trilateral co-operation between Australia, the UK and the United States" and advanced the shared objectives of AUKUS. "It will support the development of the personnel, workforce, infrastructure and regulatory systems required for Australia's ... AUKUS program" as well as support the rotational presence of a UK Astute-class submarine at HMAS Stirling in Perth, he said. Mr Marles said he remained confident about the future of US involvement in the partnership, as did Mr Healey and Mr Lammy, Britain's Foreign Secretary. Australia will pay $5 billion to support British industry in designing and producing nuclear reactors to power the future AUKUS-class subs. It will also acquire at least three Virginia-class nuclear-powered submarines from the US in the early 2030s. With the formalities done and dusted, Mr Marles, Mr Lammy and Mr Healey are expected to attend Talisman Sabre in Darwin on Sunday. Australia's largest and most sophisticated war-fighting exercise started on July 13 and involves more than 35,000 personnel from 19 militaries across three weeks. In addition to the US, forces from Canada, Fiji, France, Germany, India, Indonesia, Japan, the Netherlands, New Zealand, Norway, Papua New Guinea, the Philippines, the Republic of Korea, Singapore, Thailand, Tonga, and the UK have joined as partners. Malaysia and Vietnam are also attending as observers. The 2025 war games involve the UK's Carrier Strike Group, led by the Royal Navy flagship HMS Prince of Wales - the first UK carrier strike group to visit Australia since 1997.
Sydney Morning Herald
2 hours ago
- Sydney Morning Herald
The Perth suburbs where house values rose most over 20 years
House values have soared in Perth's outer suburbs over the past two decades, new data shows, as buyers compete for an affordable place to live and new development booms. The new data from Coality, formerly CoreLogic, has revealed the cost of living is pushing people further away from the CBD – but there is a limit to how far people will move. In Banksia Grove, house values have jumped nearly 300 per cent in the past 20 years, to a median of $731,905. The next two suburbs on the list – Aveley and Dayton – both in the City of Swan, jumped by nearly 186 per cent and 281 per cent respectively. And in fourth place, the relatively new suburb of Harrisdale has quickly hit a median value of more than $900,000 – an increase of over 280 per cent. Loading Coality's head of Australian research Eliza Owen said the outer suburbs of Perth have attracted a lot of buyers in recent years because of 'the enormous upswing in home values across the city'. 'A boost to interstate migration, strong commodity prices and low interest rate settings created a boom in home values through 2020 and 2021, and that price uplift has continued even as interest rates started shifting higher,' she said. 'This has pushed out a lot of buyer interest to what were once more affordable, peripheral areas of the market.
Sydney Morning Herald
2 hours ago
- Sydney Morning Herald
The Gen Z billionaires who are bored with business
The family that ran India's largest luggage maker for more than half a century is packing it in, with control of Mumbai-based VIP Industries passing to private equity. 'What do I do?' chairman Dilip Piramal, 75, wondered aloud in a TV interview after announcing the sale. 'The younger generation is not interested in management.' Piramal isn't the only ageing businessperson to have run out of successors. 'Today among the scions of some of the most affluent families of India, someone is an artist, someone wants to be a sportsman, someone wants to run a small restaurant. There's nothing wrong in that. It's the modern trend, people want to do their own things,' he said. Two hundred years ago, that 'modern' trend among young people used to be enterprise. That's when families like Piramal's began to spread out of the Marwar region in land-locked northern India to take advantage of British-controlled trading opportunities in the port cities of Bombay and Calcutta – now Mumbai and Kolkata. Cotton, jute and opium sold to China provided the seed capital to the Marwari business community for everything from textile mills to cement factories. By the early 20th century, these emerging industrial empires were large enough to challenge the colonial masters and their commercial interests. The likes of Ghanshyam Das Birla openly supported Mahatma Gandhi's campaign for independence, even as they outran rivals like Andrew Yule & Co. The Birla House in Delhi, a prominent hub for the freedom movement, was also where Gandhi was assassinated. As the sway of family firms continued after India's 1947 independence, it was believed that newer generations would always be available to take over the reins. Below the surface, however, the link between ownership and management has been weakening for some time. Piramal's daughter, Radhika, a Harvard University MBA, was the chief executive officer for a few years before quitting in 2017 and relocating with her spouse to London. Her same-sex marriage is not legally recognised in India. The luggage maker was back to being in the care of professional managers, a double-edged sword considering that a rival firm set up by a former managing director is now three-fifths bigger than VIP by market value. The heirs of prominent business families – Millennial and Gen Z billionaires – are setting their own life goals. It's the sensible thing to do. In a labour-surplus economy, access to capital through clan networks and strategic marital alliances was family-run firms' core advantage. But via public markets and private equity, finance is now available to a much wider section of entrepreneurs. Risk-taking has been democratised. That frees up younger members of business dynasties to try new things. Someone recently asked the singer-songwriter Ananya Birla on social media if she was from the family behind India's largest-selling cement brand. She is indeed the great-great-granddaughter of Ghanshyam Das Birla. But from financial inclusion among rural women to a recently launched beauty brand, the 31-year-old Oxford graduate has her own interests that are independent of the sprawling commodities behemoth led by her father.
