Sports streamer DAZN is considering raising $1 billion in new funding to accelerate its global expansion efforts.
The company discussed strategies to raise capital with potential advisors and could formulate a plan in the coming months, according to BNN Bloomberg, who spoke with anonymous sources.
DAZN has already invested billions in premium sports media rights, including Serie A in Italy, and is now the second-largest soccer broadcaster in Europe. An angel investor could help fuel DAZN’s growth and give the company a competitive edge.
DAZN was not immediately available to comment on the report.
This news echoes what CEO Shay Segev told Bloomberg in January. During an interview, he said DAZN welcomes strategic partners and “could pursue an initial public offering” within the next three years. The company is backed by billionaire Len Blavatnik, the 31st richest man in the world, though extra support from financial investors could quicken its development.
More investments mean DAZN might not miss out on future sports media rights deals, such as the bid for the U.K. Premier League’s soccer matches, which ended up with U.K.’s TNT Sports and Sky Sports in a deal that surprisingly limited its streaming presence. DAZN is bidding next for the French soccer rights.
DAZN’s hunger for growth comes as the streaming players scramble to sign sports rights deals, with players like Amazon, Apple TV, and Peacock enticing viewers with access to everything from NFL games to Lionel Messi’s latest match.
DAZN is no stranger to big investments for media rights deals. In 2016, the platform launched in Austria, Germany, and Switzerland with an exclusive 10-year contract with the Japanese J. League football worth $2 billion. The platform has since debuted in several countries, including Japan, Canada, and the U.S., adding NFL’s Game Pass, NFL RedZone and Sunday Ticket, B. League, Nippon Professional Baseball, La Liga, and Softbank’s Premier League.
The sports streaming platform has seen losses, but according to Bloomberg, its upcoming 2023 results show “narrowing losses.” DAZN is growing its commercial endeavors in Saudi Arabia, whose heavy spending on sports makes it a promising business partner.