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Foxtel’s new owner Len Blavatnik makes a $10b bet on big sport

Foxtel’s new owner Len Blavatnik makes a $10b bet on big sport

The Soviet Union-born businessman made his first billion in the oil industry before reinventing himself as a music mogul. Can he pull off his third act?

Len Blavatnik has transformed himself from an old-school oil and gas tycoon from the former Soviet Union into a London-based international media mogul.  Bloomberg

Updated

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Roman Abramovich is exiled in Turkey. Vladimir Gusinsky is bankrupt and only recently out of jail. Boris Berezovsky is dead, perhaps by his own hand or more likely by someone else’s. But Len Blavatnik is alive and kicking, a rebranded British-Ukrainian businessman whose fortune of more than $50 billion has made him one of the world’s richest people.

Now, he’s set his sights on Australia. Last month, his streaming business DAZN agreed to buy Foxtel from News Corporation and Telstra, making a big bet on the growing popularity of sports broadcasting. The deal promises a cashed-up new competition for Australia’s media giants.

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correction

This article has been to updated to reflect that Mr Blavatnik last provided additional funding for Dazn in 2023, not 2025.

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Kylar Loussikian
Kylar LoussikianDeputy editor – businessKylar Loussikian is the Financial Review’s deputy editor – business. Email Kylar at kloussikian@afr.com
Zoe Samios
Zoe SamiosBusiness reporterZoe Samios covers wagering and the business of sport from the AFR's Sydney newsroom. She was previously the media and telecommunications reporter for The Sydney Morning Herald and The Age, and covered media at The Australian. Connect with Zoe on Twitter. Email Zoe at zoe.samios@afr.com

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