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Telstra is not looking to sell its 50 per cent stake in Foxtel, despite reports that it is considering its options, Telstra CEO Andy Penn says.

Fairfax newspapers had reported earlier this month, citing anonymous sources, that the telco has been mulling a possible exit from Foxtel as rivals such as Netflix gather momentum.

But at the weekend Penn told Business Spectator that Foxtel is an important strategic asset for the company, and that it has the best sports content and TV service in Australia.

“We have no plans to sell our investment in Foxtel,” he said flatly. He predicted major growth in Telstra’s international business in coming years.

“Within Asia typically there are faster growing markets, so that’s the opportunity for us. Today it probably represents a little over 10 per cent of our business and obviously we’d like to grow that,” Penn said.
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