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Photo by Soeren Stache/picture alliance via Getty Images

DAZN is looking to raise money, the FT reports. The company was trying to raise $500 million last year, but according to a source familiar with the company's plans, those efforts were put on hold at the beginning of the pandemic.

Why it matters: The four-year-old international sports streamer was plotting a major international expansion prior to the pandemic, and was looking to use new funds to help secure high-end sports rights.

  • Now, according to the source, the company is beginning to resume talks to find an equity partner that would take a minority stake in the company.

Details: When the pandemic hit in early March, sources say that DAZN reached out to Goldman Sachs, which was helping the company raise money, to pause any new fundraising efforts. Its partnership with Goldman was first reported by Bloomberg in October.

  • It recently signaled to Goldman Sachs that it wanted to resume that effort, as more leagues begin to plan returning with precautions.
  • Some eager parties have come forward with offers to buy the company outright, but sources say that the company's billionaire owner Len Blavatnik isn't looking to sell the company. Rather, he feels more confident now moving forward again with plans to pursue a minority equity partner.

Between the lines: With most live sports on hold, sources say the company's cash position has remained stable, but its revenue and subscription numbers are expected to be down.

  • DAZN made waves in March when it began telling sports leagues that payments for upcoming seasons should be deferred until the leagues know when sports will actually resume.
  • Because it's not paying as much to leagues right now to broadcast content, and it's not paying as much to market content, it's not burning as much cash as it expected to this year.
  • Still, DAZN has a long way to go before becoming a profitable business.

Go deeper

Aug 11, 2020 - Technology

Facebook steps up hate speech crackdown, removing 22.5 million posts in Q2

Mark Zuckerberg. Photo: Tobias Hase/picture alliance via Getty Images

Facebook took down 22.5 million posts for hate speech during the second quarter of this year, more than ten times the number it removed in the same quarter last year and more than twice the number removed in the first quarter of 2020.

Why it matters: The company is facing enormous pressure from the advertising and civil rights communities to address hate speech on its platforms. Last month, civil rights groups initiated a Facebook ad boycott that was joined by over 1,000 advertisers.

Rep. Rice demands Cuomo resign after 3rd woman accuses him of misconduct

New York Gov. Andrew Cuomo during a February news conference in New York City. Photo: Seth Wenig/POOL/AFP via Getty Images

Rep. Kathleen Rice (D-N.Y.) on Monday evening called for New York Gov. Andrew Cuomo (D) to resign, after a third woman accused him of inappropriate behavior.

Driving the news: Anna Ruch, a former member of the Obama administration and the 2020 Biden campaign, told the New York Times Monday that Cuomo asked to kiss her at a New York City wedding reception in September 2019.

Scoop: Inside the GOP's plan to retake the House

House Minority Leader Kevin McCarthy. Photo: Elijah Nouvelage/Bloomberg via Getty Images

House Republicans will reclaim their majority in 2022 by offering candidates who are women, minorities or veterans, a memo obtained by Axios says.

Why it matters: The document, drafted by a super PAC blessed by House Minority Leader Kevin McCarthy, names top Democrats to target — Jared Golden of Maine, Matt Cartwright of Pennsylvania and Ron Kind of Wisconsin — and the type of Republican candidates to beat them.