“We had no imminent intent to sell Foxtel, but are reviewing potential strategic and financial options for the business with our advisers and engaging with third-parties in light of that external interest,” News Corp CEO Robert Thomson said on an earnings call with analysts.

Foxtel was considered by many as a dying business after streaming platforms including Netflix Inc emerged to supplant legacy pay-TV models.

News Corp resurrected Foxtel by adding streaming services including the sports-focused Kayo. A media and publishing giant backed by the Murdoch family, News Corp said it’s still pushing ahead with a broader review of its assets.

Fielding questions on the call about a possible Foxtel deal, Thomson referred to “the skepticism about Foxtel’s fate four or five years ago.” He described the recent approach as a “significant overture, which we’re naturally assessing.” News Corp owns 65% of Foxtel and Australian telecommunications company Telstra Group Ltd owns the rest.

Telstra valued its 35% stake in Foxtel at A$388 million (US$256 million) as of June 2023, down from A$402 million a year earlier, according to the company’s annual report.

The Foxtel business had about 4.7 million subscribers as of June 30, driven by growth at Kayo and the entertainment-streaming site Binge.