For a second year, Murdoch clan-owned News Corp is considering whether to sell its 65%-owned pay TV business, Foxtel.

The company, which reported its fourth-quarter and 2023-24 results on Thursday, also revealed that the Foxtel review came after receiving "third-party" interest in the business.

It did not say who the interest was from, but some U.S. media analysts believe it has come from private equity groups.

Telco Telstra owns 35% of Foxtel (as part of a deal to protect business for its old cable system and keep existing cable customers connected).

News Corp wanted to float Foxtel before the pandemic but couldn't.

Last year, News turned down an approach from a U.S.-based SPAC (a special purpose acquisition company).

There was more talk last year of a possible sale with CEO, Robert Thomson, telling analysts on a conference call, "We can't comment specifically about an IPO but what I can say with absolute certainty is that the success we've had with Foxtel has given us absolutely the option of optionality."

This year (in Thursday's statement) it was more of the same from the company.

"We are confident in the company's long-term prospects and are continuing to review our portfolio with a focus on maximizing returns for shareholders. That review has coincided recently with third-party interest in a potential transaction involving the Foxtel Group, which has been positively transformed in recent years. We are evaluating options for the business with our advisors in light of that external interest.

"We have no imminent interest in selling Foxtel," Thomson told the briefing on Thursday, but he said the approach coincided with the company's continuing review.

He also said the company had no plans for acquisitions either.

News Corp's annual report revealed that while Foxtel saw a rise in streaming subscribers to Kayo and Binge, revenue and earnings were weaker.

"Fiscal 2024 full-year revenues declined $25 million, or 1%, compared with the prior year, due to a $52 million, or 2%, negative impact from foreign currency fluctuations. Adjusted revenues increased 1% compared to the prior year. Higher streaming revenues, primarily from Kayo and BINGE, and higher advertising revenues more than offset the revenue declines from lower residential broadcast subscribers.

Foxtel Group streaming subscription revenues represented approximately 30% of total circulation and subscription revenues in the fiscal year compared to 27% in the prior year. Segment EBITDA for fiscal 2024 decreased $37 million, or 11%, compared to the prior year, primarily due to $51 million of costs related to the launch of Hubbl, higher sports programming costs due to contractual increases, and the $9 million, or 3%, negative impact from foreign currency fluctuations, partly offset by the revenue drivers discussed above and declines in other costs including lower technology, entertainment programming rights, and marketing," News Corp said.