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PIF close to $1bn stake deal in sports network Dazn

PIF Dazn Diletta Leotta Alamy via Reuters
Diletta Leotta, who presents Serie A broadcasts for Dazn in Italy: the company broadcasts live and on-demand sport in more than 200 countries
  • Values broadcaster at $10bn
  • Dazn may get free Saudi content
  • Strengthens Saudi sports investments

Saudi Arabia’s Public Investment Fund is close to agreeing a deal to acquire a 10 percent stake in the UK-based global sports network Dazn. 

The deal, which has been under discussion for more than a year, is said to be worth at least $1 billion, which would value the broadcaster at $10 billion, the New York Times reports

One of the plans is for Dazn to broadcast content from Saudi Arabia for free.  

Dazn (pronounced da zone), which is based in London and broadcasts live and on-demand sport in more than 200 countries, has increased its involvement in broadcasting sports in the kingdom in recent years. 

In addition to holding rights to broadcast the Saudi Pro League in several territories, it also broadcasts the Riyadh Season series of boxing matches, which included the recent heavyweight bouts between Alexandr Usyk and Tyson Fury. 

Dazn streams more than 90,000 live events a year in North America, Europe and Asia in more than 200 markets worldwide. It holds multi-year rights for football and Formula One racing in several European markets and broadcasts NFL games outside the US.

The company, founded in 2016 and financed by the billionaire businessman Len Blavatnik, has more than 3,000 employees and says its revenues reached $3.2 billion in 2023. 

Last month, it acquired the Australian pay-television and streaming service Foxtel Group from Rupert Murdoch’s News Corp for $2.1 billion including debt. The deal gives News Corp a six percent stake in Dazn and a board seat. 

Dazn is a subsidiary of Blavatnik’s US-based investment firm Access Industries, which has an investment portfolio valued at more than $35 billion. It has a majority stake in Warner Music Group. 

A deal between Dazn and PIF, the Saudi sovereign wealth fund, would further strengthen Saudi Arabia’s investment in sports, which now extends to more than 900 deals

Saudi Arabia had previously been in talks with Qatar’s BeIN Media Group, which also owns a global sports network, over the acquisition of a stake, but a deal never materialised.