REG - Telstra Corp. Ld - Telstra accounting - Foxtel, FOX SPORTS Aust

TelstraAnnouncement

06/03/2018 07:00

RNS Number : 7667G
Telstra Corporation Ld
05 March 2018
6 March 2018
The Manager
RNS
Office of the Company Secretary
Level 41
242 Exhibition Street
MELBOURNE VIC 3000
AUSTRALIA
General Enquiries 03 8647 4838
Facsimile 03 8600 9800
ELECTRONIC LODGEMENT
Dear Sir or Madam
Telstra accounting treatments for Foxtel, FOX SPORTS Australia combination
In accordance with the Listing Rules, I attach a market release for release to the market.
Yours faithfully
Sue Laver
Company Secretary
MARKET RELEASE
Telstra accounting treatment for Foxtel, FOX SPORTS Australia combination
6 March 2018 - Following an announcement by News Corp and Telstra today in relation to the combination of Foxtel and FOX SPORTS Australia into a new company, Telstra is providing the following update of the accounting treatment of the transaction.
Telstra's investment in the new company will be equity accounted on an ongoing basis.
Telstra expects to record a one off accounting gain as a result of the fair value of the combined business compared with the book value.
The current estimate of this gain is A$263 million. This is subject to changes arising from the timing of completion and finalisation of adjustments on completion.
There are no changes to Telstra's previously stated guidance for financial year 2018 as a result of the completion of this transaction.
Media contact: Michael Zappone +61 438 004 959
Email:media@team.telstra.com
Investor contact: Nathan Burley +61 457 529 334
Email:investor.relations@team.telstra.com
Ref number: 32/2018

This information is provided by RNS
The company news service from the London Stock Exchange
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