Rupert Murdoch’s News Corp said it may sell Australian cable television and streaming unit Foxtel after receiving an offer, a deal that would end its involvement in a high-overhead asset that has struggled to adapt to the Netflix Epoch.

News Corp said in a trading update that it was considering the deal after the division reported a 5% drop in profit for the June quarter. Total profit for News Corp, which spun off from Murdoch’s subsidiary, Fox Corp in 2013 and grew by 11% during this period, led by the real estate advertising business.

A review of News Corp’s business units “recently coincided with third-party interest in a potential transaction related to Foxtel,” CEO Robert Thomson said in a statement.

“We are currently reviewing the options together with our advisors in light of this external interest.”

A sale of Foxtel would free News Corp., which owns most of the Murdoch family’s print media such as the Wall Street Journal and book publisher HarperCollins, from a business that plays a major role in Australia’s media landscape but is under pressure from cheap, low-margin streaming competitors.

With its physical set-top boxes installed next to people’s televisions, Foxtel once dominated Australian pay TV, but since Netflix came along, it has lost subscribers who pay about A$100 ($66) a month for the service. Disney And Amazon began releasing streaming services at a fraction of the price.

Foxtel, Australia’s leading telecommunications provider Telstra owns 35%, launched its own streaming service alongside set-top boxes in 2020. This has offset a decline in higher-paying traditional subscriber numbers, but not in subscriber revenue, which rose 1% in the June quarter.

Still, shares in Australia-listed News Corp. rose 8% by mid-market as investors welcomed better-than-expected results and the prospect of a resolution to questions surrounding Foxtel’s future ownership.

News Corp has not disclosed a value for the sale of Foxtel. Telstra was not immediately available for comment.

“Investors are frustrated by the length of time it takes to officially announce the simplification of the company. But while this process is underway, the financials continue to perform well. Revenue and margins are better than expected,” said Craig Huber, analyst at Huber Research Partners.