(Bloomberg) – Saudi Arabia’s sports arm is buying a minority stake in the billionaire Len Blavatnik’s Dazn Group streaming service, which has the broadcast rights of some of Europe’s major soccer leagues.
Surj Sports Investment, a $ 1 trillion public investment fund, and Dazn will establish a regional joint venture to help expand fan access to live and on -demand sports content, according to a statement released on Monday (17). The financial terms of the agreement were not disclosed, although Bloomberg News previously reported that the SURJ would invest at least $ 1 billion.
Under the leadership of heir prince Mohammed bin Salman, Saudi Arabia has been making great bets on global sports as a way to diversify its economy, improve its image and attract tourists. The country has already received some of the biggest names in Riyadh fights and will also be the headquarters of great global sporting events in the next decade, culminating in the 2034 FIFA World Cup.
Dazn broadcasts over 90,000 live events annually and is available in over 200 markets around the world. It is part of Access Industries, a private company of Blavatnik with investments valued at US $ 35 billion in various sectors.
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