Peter Tonagh has been appointed as the new CEO of Australian pay-TV giant Foxtel.
The surprise move saw him replace Richard Freudenstein, who had been in the post over four years.
A news Corp. veteran, Tonagh was at Foxtel for some nine years as its COO and chief financial officer. He has also spent time at News Corp.
Foxtel, which has 2.9 million subscribers, including the members of Presto, the streaming service that it owns jointly with Seven network.
Profits were down 7% at the financial half year, and the company is facing a challenge from Netflix, which launched in April last year and is already understood to have garnered over a million subscriptions.
Despite the challenges, many in the industry expect Foxtel to head for a listing of its shares.
“It has been a privilege to lead Foxtel through the most dynamic and intensely competitive period of its history,” said Freudenstein in a statement.