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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.

Dan Primack, author of Pro Rata
2 mins ago - Economy & Business

IPOs keep rolling despite stock market volatility

Illustration: Aïda Amer/Axios

Stock market volatility is supposed to be kryptonite for IPOs, causing issuers to hide out in their private market caves.

Yes, but: This is 2020, when nothing matters.

Ben Geman, author of Generate
41 mins ago - Energy & Environment

Higher education expands its climate push

Illustration: Aïda Amer/Axios

New or expanded climate initiatives are popping up at several universities, a sign of the topic's rising prominence and recognition of the threats and opportunities it creates.

Why it matters: Climate and clean energy initiatives at colleges and universities are nothing new, but it shows expanded an campus focus as the effects of climate change are becoming increasingly apparent, and the world is nowhere near the steep emissions cuts that scientists say are needed to hold future warming in check.