PIF wants to venture into sports streaming: The Public Investment Fund (PIF) is reportedly bidding to acquire a 10% stake in sports streaming platform Dazn valued at USD 1 bn, Reuters reports, citing two unnamed sources it says have knowledge of the matter. Negotiations between the PIF and Dazn have been ongoing since last year, without making any significant strides, one of the sources added.

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Background: The London-based platform was in talks with unnamed advisors last December to kickstart the potential transaction, Reuters says. There’s at least two other funds actively vying for the minority stake, a third source told the newswire, adding that the platform is looking for an overall valuation of USD 10-12 bn.

What’s Dazn? Dazn is a broadcasting partner for Italy’s Serie A, Spain’s LaLiga, Germany’s Bundesliga and France’s Ligue 1. Dazn subscribers also have access to American football, boxing, and baseball, among other sports. The platform acquired rights in September to broadcast the Six Kings Slam, featuring Novak Djokovic and Rafael Nadal in Riyadh later this month. Dazn is owned by British-American businessman Len Blavatnik.

By the numbers: Dazn’s revenue grew 41% to USD 2.1 bn in 2022, white it incurred USD 1.1 bn in operating losses.

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