Saudi Arabia is investing $1 billion (€0.95bn) in DAZN as part of a new partnership with the sports streaming company owned by Sir Leonard Blavatnik. This initiative aligns with the country’s broader strategy to expand its presence in the global sports market.
Surj Sports Investment, the sports division of Saudi Arabia’s Public Investment Fund (PIF), will acquire a minor stake in DAZN. The agreement follows DAZN’s recent $1 billion investment to secure broadcasting rights for this summer’s FIFA Club World Cup. Surj, launched in 2023, has been actively investing in sports organizations, events, and media in the Middle East. Under this partnership, DAZN will serve as Surj’s streaming and broadcast partner, distributing Saudi sports content to its audience across 200 markets. Around half of the investment will go towards a new sports broadcasting joint venture in the Middle East.
In January, the Financial Times reported that Blavatnik had invested another $827 million into DAZN, bringing his total investment in the company to over $6.7 billion since its founding in 2016.
Furthermore, Danny Townsend, CEO of Surj, said, “Invest in the service providers of the industry that are going to form the future of how fans engage with the sport more broadly.”
DAZN also made headlines in December 2024 when it agreed to acquire Foxtel from Rupert Murdoch’s News Corp and Telstra in a deal worth A$3.4 billion (€2.04bn). The transaction left News Corp and Telstra with a combined 9% stake, valuing DAZN at nearly $10 billion. The agreement with Surj is based on a similar valuation. Saudi Arabia has been pouring billions into the sports sector as part of its effort to diversify its economy beyond oil.
Additionally, financial records from last month show DAZN’s revenue increased from $2.2 billion in 2022 to $2.9 billion in 2023. However, its losses also widened, rising from $1.2 billion in 2022 to $1.4 billion in 2023.