Foxtel has spent at least $79 million launching its new Hubbl TV platform, while its majority owner, News Corp Australia, has suffered a 9 per cent drop in advertising revenue, accounts for the two biggest Murdoch family-controlled media businesses in Australia reveal.

Documents lodged with the corporate regulator reveal there has also been a reshuffle of which News Corp entity owns its 65 per cent stake in Foxtel. Foxtel owns a cable TV business, streaming platforms Kayo Sports, Binge and Foxtel Now, and Hubbl. Telstra owns the remaining 35 per cent.