Billionaire Blavatnik’s company injects $4.3 billion into British sports media group DAZN | Tech News

(Reuters) – DAZN Group on Friday announced a $4.3 billion capital injection from the company of its billionaire backer and investor Len Blavatnik, as the British sports media company seeks to expand in betting recreational items, games and non-fungible tokens.

Sports broadcasters have invested billions of dollars in live sporting events because they attract large numbers of viewers, and pay-TV providers and streaming services are willing to pay a premium to broadcast games.

The investment comes after Spanish soccer league LaLiga sold its domestic broadcast rights to Movistar and DAZN in December for 4.95 billion euros ($5.62 billion) over five years.

The media company also said its largest shareholder Access Industries, founded and chaired by Blavatnik, has subscribed for an additional $250 million of its new shares.

The company, which also hosts Bundesliga coverage in Germany and hosts more than 700 live and on-demand sports rights worldwide, said the recap by Access left the group without any loans at the end of 2021. .

DAZN had walked away from a deal to buy BT Sports, which would have given it the rights it wanted to English Premier League and UEFA Champions League games, a source told Reuters earlier this month.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Amy Caren Daniel)

Copyright 2022 Thomson Reuters.

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