UK-bases sports streaming service DAZN is looking to raise $1 billion to fund global expansion, Bloomberg reports.
Backed by billionaire Len Blavatnik, the company is discussing with its advisors a number of strategies to get the money, ranging from divestment of assets to a strategic initial public offering using a special purpose acquisition company (SPAC).
SPAC’s are companies set up on trading markets that produce no commercial goods or services, but provide an entry for companies like DAZN to go public through merger with the already publicly traded entity. SVOD service CuriosityStream announced last week that it’s using SPAC strategy to go public in the U.S.
DAZN is reported to be in the early phases of the decision-making process.
The privately held company (pronounced “da zone”) reportedly shelved plans to raise $500 million when the pandemic hit, forcing much of its live-event sports programming into hiatus.
DAZN had around 8 million subscribers at the end of 2019. But that number has probably declined significantly, with members able to cancel the service on a month-to-month basis.
In June, DAZN Group CEO Simon Denyer stepped down amid a restructuring that increased the influence of parent company Access Industries, the American multinational controlled by Blavatnik. Denyer was replaced by DAZN’s chief revenue officer, James Rushton, on an interim basis.
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