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Global streaming firm DAZN has formally acquired News Corp’s Foxtel in a $3.4bn deal that will reshape Australia’s media and sport landscape.

Foxtel employees should be proud of their contribution to that success in the ultra-competitive content contest," said Robert Thomson, News Corp’s Chief Executive.

News first emerged in August that Rupert Murdoch’s News Corp was considering selling Sydney-based Foxtel, which claims 4.7m subscribers across its pay TV and streaming offerings.

Exclusive: Foxtel has made changes to its terms and conditions that has seen the end of online streaming access in remote Australia.

Patrick Delany is the CEO of Foxtel, now sold to DAZN. (ABC News) He said Foxtel would remain a locally run and operated business, with headquarters in Sydney and studios in Melbourne.

UK sports streaming heavyweight DAZN will become the new owner of TV major Foxtel in a blockbuster deal set to shake up Australia’s media and sport landscape.