Patrick Delany has navigated Foxtel through a period of significant transformation and challenge since becoming CEO in early 2018. Tasked with leading a legacy pay-TV business facing mounting disruption from streaming services like Netflix and shifting consumer habits, Delany undertook a comprehensive restructuring plan aimed at securing Foxtel’s place in a rapidly evolving media landscape.
In 2019, Delany and Siobhan McKenna, then chair of Foxtel and a senior executive at News Corporation, recognized that incremental changes would not be enough to sustain the company. After consulting with McKinsey & Company, they adopted a “zero-basing” approach—rebuilding Foxtel’s cost structure from the ground up while reshaping the business model to better align with emerging market realities. The plan called for $250 million in annual savings over four years and the elimination of approximately 1,000 jobs.
The onset of the COVID-19 pandemic in early 2020 accelerated the company’s restructuring efforts. With major sporting seasons suspended and Australians restricted from attending public venues, Foxtel’s sports-driven revenue streams came under acute pressure. Delany described this period as a pivotal moment when the restructuring was fully implemented, resulting in a substantial job cut and operational overhaul.
Despite the upheaval, Foxtel continued to evolve under Delany’s leadership. The company expanded beyond traditional subscription television by launching Kayo Sports in 2018, Australia’s first dedicated sports streaming service, and the entertainment streaming platform Binge in 2020. These initiatives aimed to attract younger, price-sensitive audiences moving away from conventional pay-TV.
Delany also steered Foxtel into the creation of Hubbl, a platform designed to aggregate multiple streaming services including Netflix and Binge. Although the product has not yet generated significant revenue and incurred more than $60 million in spending during its initial phase, Delany maintains it was a strategic move to position Foxtel as a key aggregator rather than requiring consumers to juggle multiple apps.
Financially, Foxtel has faced challenges, including a reported net loss of $214 million last year attributed to depreciation, amortization, and interest expenses connected to its legacy asset base. Nevertheless, Delany secured a deal to sell sports streaming rights to DAZN at an EBITDA multiple of around seven times, reflecting continued value in Foxtel’s content offerings.
Having spent over two decades at Foxtel and its associated companies, Delany acknowledges the personal sacrifices involved in his role, including missed family milestones and intense work demands. He credits his wife Georgina for helping him maintain balance amid these pressures.
Speculation surrounding Delany’s potential move to DAZN surfaced earlier this year, but he emphasized his commitment to completing Foxtel’s current strategic objectives, including negotiations related to the NRL. Looking ahead, he envisions pushing further disruption within the media sector, seeking to transform Foxtel into Australia’s leading entertainment company by leveraging its technology, content rights, and evolving consumer preferences.
Describing himself as “Captain Disruption,” Delany aims to be remembered as a leader who embraced change boldly to guide Foxtel through one of the most challenging eras in the industry’s history.