Saudi Arabia is to invest $1 billion (€0.95bn) in DAZN and a forming new JV with the sports streaming service owned by Sir Leonard Blavatnik, as the country doubles up its bet on the global sports market.Surj Sports Investment, the sporting arm of Saudi Arabia’s Public Investment Fund (PIF), will acquire a “single-digit” minority stake in DAZN, just weeks after the loss-making broadcaster secured the rights to show this summer’s FIFA Club World Cup tournament for $1 billion.Launched in 2023, Surj has also been supporting the sector in the wider Middle East by taking stakes in sporting bodies and events, as well as in broadcasting and digital services. DAZN will now become its streaming and broadcast partner, showing Saudi sport and Saudi-based events to the more than 200 markets where it operates, reports the FT. About half of the cash will be invested in a separate broadcasting JV for sports in the Middle East.The FT reported in January that Blavatnik had pumped a further $827 million into DAZN, taking his investments to more than $6.7 billion since it was founded in 2016.DAZN, in December 2024, agreed to buy Foxtel from Rupert Murdoch’s News Corp and Telstra in a A$3.4 billion (€2.04bn) deal, which left the two companies with a combined 9 per cent stake and valued the group at close to $10 billion. The deal with Surj will be struck at around the same valuation.Saudi Arabia is ploughing billions into the sports sector as it tries to diversify its oil-dominated economy and soften its image around the world. 7-Danny Townsend, CEO at Surj Sports Investment, said: “DAZN has established itself as the global sports platform of choice, and this is a really exciting opportunity to build on DAZN’s significant successes in recent years by bringing more sports to fans and audiences around the world. Surj supports the leadership of DAZN, and our partnership will accelerate the growth of DAZN and capitalize on the significant and growing demand for high-quality sports broadcasting. This investment will help Surj achieve its mandate of driving fan engagement, encouraging sports participation and unlocking game-changing opportunities, and further showcasing the region as a destination for world-class sports.”Shay Segev, CEO of DAZN, added: “DAZN is the only truly global entertainment platform dedicated to sport, which makes us ideally positioned to expand access to sports content globally from Saudi Arabia’s growing sports sector. As part of the DAZN MENA joint venture with Surj, DAZN is committed to maximizing the reach and accessibility of sports, while delivering the best entertainment experience to a global community of passionate fans. This is a milestone partnership for the group, which is bound to transform the sports entertainment landscape in Saudi Arabia and the wider region.”Results filed in January revealed that DAZN’s revenues rose to $2.9 billion in 2023, from $2.2 billion in 2022, but its loss widened to $1.4 billion, up from $1.2 billion in 2022.
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