PIF’s Surj Sports Investment has picked up a minority stake in sports streaming service Dazn Group, according to a press release. Although the size of the stake acquired by Surj and the value of the transaction were not disclosed earlier reports put the investment ticket at USD 1 bn. Bloomberg also had the story.

A JV on the way? The two companies are also in talks to set up a broadcasting JV — dubbed Dazn Mena, in a bid to develop new windows that capitalize on Saudi’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,” CEO Shay Segev said.

REMEMBER- Surj was reportedly in advanced talks last month to invest at least USD 1 bn in Dazn. Negotiations between PIF and Dazn began last year, with the fund reportedly bidding to acquire a 10% stake in Dazn for USD 1 bn back in October. PIF denied those claims later that same month.

Saudi’s sports push seem to be paying off: The Kingdom’s sports sector contributed USD 6.9 bn to the Kingdom’s GDP in 2023 and is expected to add USD 16.5 bn annually (1.5% of GDP) by 2030, according to a report by Surj in December.

About Dazn: The UK-based streaming service broadcasts more than 90k live sporting events annually in over 200 markets. Dazn is part of a USD 35 bn investment portfolio by US private holding company Access Industries.

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