Business

With live sports on hold, DAZN seeks options to raise money

Owned by billionaire Len Blavatnik, the company wants to sell an equity stake, according to people familiar with the talks

DAZN wallpaper in a mobile app
Photo: Shutterstock
  • According to the Financial Times, the sports streaming service is looking for means to add new money into the loss-making business;
  • The sale of an equity stake in the company and an outright sale would also be under discussion.

London-based DAZN, the “Netflix of Sports”, has been working hard to find new sources of funding amid the pandemic turmoil.

According to the Financial Times, the sports streaming service is looking for means to add new money into the loss-making business, with the sale of an equity minority stake in the company. People familiar with the talks said an outright sale would also be under discussion.

READ ALSO: Spotify is now allowing users to save unlimited songs, albums and podcasts

With the major part of live sports on hold during the pandemic, users have paused monthly subscriptions and DAZN has also attempted to delay payments to sports leagues, given the lack of these events.

Earlier this year prior to the pandemic, the streaming service was planning a global expansion to more than 200 countries and territories.