Sports streaming service Dazn is looking at ways to raise new funding, either through a stock-market listing or divestment of assets, namely of its Japanese business, Bloomberg reported, citing a number of anonymous sources close to the matter. The company is looking to bring in as much as USD 1 billion, one source said.
Dazn has spoken to a number of advisers about the matter and is in the early stages of considering an initial public offering. It is also in talks about going public with a special purpose acquisition company, or SPAC. These raise money on the public markets in order to make a purchase within a set period of time. All deliberations are at an early stage, and no final decision has yet been made.
Bloomberg noted that the company last year asked an adviser about how it could raise at least USD 500 million but was forced to change all plans amid the coronavirus pandemic. Dazn’s service can be canceled monthly, leaving it more exposed to sudden sports shutdowns.
Dazn acting CEO James Rushton told staff this month the company should return to its pre-covid subscriber levels by the fourth quarter, sources said.
