DAZN closing in on $1 billion investment from the Saudi PIF
DAZN closing in on $1 billion investment from the Saudi PIF
The investment could help DAZN continue to chase big-name sports rights deals.
How would a $1 billion cash infusion sound to you? To the sports streaming service DAZN, the idea sounds exactly like what it needs. A new report from Bloomberg indicates that the streamer is very close to a deal that would see the sports arm of Saudi Arabia’s Public Investment Fund invest $1 billion in the platform, allowing it to keep pursuing big-ticket sports rights deals around the globe.
Key Details:
- The deal between DAZN and the Saudis could become official as soon as January.
- Discussions that such a deal was possible first surfaced in December.
- DAZN has already secured the rights to the FIFA Club World Cup, and could be after the Women’s World Cup as well.
Bloomberg’s reporting indicates that a deal between DAZN and SURJ Sports Investment — a part of the Saudi PIF — is now in the “advanced” stages. It could become official as soon as this month, though the specific terms of an agreement could change in the interim.
Talks regarding a potential investment in DAZN by the PIF first surfaced in December, despite word from the fund in October that there were “no current plans” to make such a deposit into DAZN’s accounts. The sports streamer agreed to spend $1 billion to secure the streaming rights to the expanded FIFA Club World Cup this summer, despite the fact that DAZN is still losing millions of dollars every year.
In addition, DAZN is reportedly interested in acquiring the rights to the next FIFA Women’s World Cup, and an investment by the Saudis would certainly help make that possible. In the United States, DAZN is more known for offering combat sports, but in Europe and other territories, it holds some of the top marquee soccer rights available, as well as distribution rights for the NFL.
Any investment by the PIF has always drawn controversy, thanks to Saudi Arabia’s long history of human rights violations, as well as the murder of former Washington Post columnist Jamal Khashoggi in 2018. It appears DAZN is prepared to weather that controversy if a deal allows it to continue investing in big sports rights. Obviously, a $1 billion investment would allow DAZN to do just that.
DAZN
DAZN is an international sports streaming service dedicated to live and on-demand sports programming. Since its launch in 2016, the platform has expanded to become one of the world’s leading sports streaming destinations, offering coverage that varies by region and includes boxing, soccer, MMA, women’s sports, motorsports, and other major competitions.