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Foxtel CEO Richard Freudenstein calls it quits

MUMBAI: Foxtel CEO Richard Freudenstein will step down from the company to pursue other interests.

News Corp Australia CEO Peter Tonagh, will take over as Foxtel CEO.

“It has been a privilege to lead Foxtel through the most dynamic and intensely competitive period of its history. I am extremely proud to have worked with such a great team of people who have all helped deliver our strategic plans by achieving significant subscriber growth, reduced churn and a substantial lift in our investment in Australian programming,” Freudenstein said.

Freudenstein said that he was proud of the Foxtel team’s achievements. “So much has happened in the past four-and-a-half years. Highlights include the 2012 London Olympics where we revolutionised coverage with eight channels and every gold medal live, the launch of Foxtel Go, the re-packaging of Foxtel content to reduce prices and drive record growth, the finalisation of major sporting deals, and the launch of an exciting array of Australian programs, many of which have won major awards. We have been at the forefront of the revolution in the way Australians view television.”

Freudenstein said that Foxtel had played a big part in his professional life. “I was a member of the Foxtel team in its earliest days in the 1990s and it has been a genuine privilege to lead it during these important years. I am confident that the business has the financial strength, innovative spirit and depth and breadth of content relationships to meet the challenges of a rapidly changing media landscape. I am excited about Foxtel’s future and I wish Peter and the team all the best.”

Freudenstein will leave Foxtel at the end of April but will remain in his long-standing position as a News Corp nominee on the board of REA Group Limited (REA).

News Corp’s global CEO Robert Thomson said, “News Corp is now the world’s largest player in digital real estate and Richard has been integral to our domestic and international growth. His leadership and guidance were pivotal in the acquisition of realtor.com in the US and I am delighted he will remain involved in this dynamic part of our business.”