News Corp gets huge rebate

Foxtel co-owner News Corp has received a massive tax rebate from Australian authorities amounting to almost A$900 million (US$812.9 million).

The Australian Financial Review reported that the huge payment, totalling A$882 million and revealed in the company’s latest accounts filing, was the largest cash payment ever made by the country’s tax office.

Australian tax authorities decided not to appeal the payment, which includes significant interest payments on a claim that dates back over 20 years and relates to a News Corp restructuring.

The A$882 million payment related to News Corp., which owns a 50% stake in Australian pay TV giant Foxtel. News Corp, primarily a news publishing operation, began operating separately from Rupert Murdoch’s entertainment businesses last year.

Sister operation 21st Century Fox houses the Fox broadcast network, Fox International Channels and the Murdoch family stake in UK satcaster BSkyB among other assets.