May 7, 2020 / 11:13 PM / 19 days ago

Australia's Telstra to book $195 mln impairment charge on Foxtel stake

May 8 (Reuters) - Australia’s Telstra Corporation said on Friday it expects to recognise an impairment charge of about A$300 million ($195.12 million) against its investment in a 35% stake in the Foxtel joint venture with Rupert Murdoch’s News Corp.

Telstra’s decision follows the write down in value of Foxtel by News Corp a few hours earlier.

The company said the impairment charge is expected to write down the value of Telstra’s share in Foxtel to about A$450 million from A$750 million. ($1 = 1.5375 Australian dollars) (Reporting by Shruti Sonal in Bengaluru; Editing by Muralikumar Anantharaman)

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