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K-based over-the-top (OTT) sports media company, DAZN, is seeking as much as US$1 billion (AUD$1.387 billion) in funding as it considers an initial public offering (IPO), according to Bloomberg.
The global company is reportedly holding talks about going public through a special purpose acquisition company (SPAC) and is speaking with advisors about their options with regards to a stock-market listing.
Before the COVID-19 pandemic, DAZN had hired financial services company, Goldman Sachs, in an effort to raise as much as US$500 million (AUD$693 million) in investments.
The pandemic saw DAZN’s global streaming platform suffer with the suspension and cancellation of countless sporting competitions as its monthly subscription model made it easy for users to opt out with the absence of live sport.
Despite the impact of COVID-19, DAZN acting CEO, James Rushton, has said the subscriber levels are on track to reach pre-COVID-19 levels in the fourth quarter of this year.
To assist the company in its efforts to raise capital, The New York Times reported TPG Capital is in the final stage of negotiations to purchase DAZN’s goal.com football news website for as much as US$125 million (AUD$173 million).
DAZN is also looking at a sale of its Japanese arm, despite Japan being one of the company’s strongest performers, due to DAZN holding the rights to broadcast the J-League, Japan’s top-tier football competition, through to 2026.
