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Flooding DAZN

he logo of online media DAZN is seen on a microphone prior the Italian Serie A football match between AC Milan and Lazio at the San Siro Stadium in Milan on September 30, 2023.

Photo: Gabriel Bouys/AFP via Getty Images

Pulling in $850M

an illustration of a blue slot machine window with lined-up white stars and a red pull handle 

Deal flow

Movin' on up (or out)

Channel surfing

Illustration of a TV color test screen in the shape of a wave.

International sports streaming service DAZN Group has been pumped with nearly $2 billion in investment over the past month.

Why it matters: The Len Blavatnik-backed streamer has burned through billions in its self-described bid to become the "Netflix of Sports."

Driving the news: Yesterday, DAZN announced that SURJ Sports, the sports arm of Saudi Arabia's Public Investment Fund, has taken a minority stake. 

Though terms were not disclosed, it's been widely reported that SURJ is investing $1 billion.

As part of the deal, DAZN and SURJ will set up a joint broadcasting venture in the MENA (Middle East and North Africa) region.

Last month, Ukrainian billionaire Blavatnik himself invested an additional $827 million, bringing his total outlay to $6.7 billion since the company's launch in 2007.

The big picture: DAZN has yet to become profitable — it lost $1.4 billion in 2023 — as it continues its buying spree.

In December, DAZN made two other large deals.

First, it paid $1 billion for the global rights to FIFA's upcoming Club World Cup this summer. 

Then, it agreed to buy Australia-based Foxtel Group from News Corp and Telstra in a deal that valued it at $2.2 billion.

What we're watching: DAZN's goal of becoming the "Netflix of Sports" could be undercut by Netflix's own growing sports ambitions.

1 big thing: Flooding DAZN

Slot machine maker Light & Wonder has agreed to buy Grover Gaming's charitable pull-tabs business for $850 million in cash.

Why it's the BFD: The gaming business is aces, and continues to generate deal flow as buyers consolidate and sellers divest at high prices.

Zoom in: The business is called Grover Charitable Gaming, and it makes electronic pull-tab devices that help raise funds for local charities. Light & Wonder is a roughly $9 billion company that trades on the Nasdaq and the Australian Stock Exchange.

Pull-tabs are a combination of bingo and scratch lottery tickets. Players win if they get the right mix of numbers or symbols.

Grover Charitable Gaming operates more than 10,000 leased electronic pull-tab units across five U.S. states.

Grover said in 2021 that it had raised more than $200 million for charitable organizations like the Loyal Order of the Moose, Veterans of Foreign Wars and the American Legion. "The devices are typically located in the lodges of fraternal groups, but some states allow them in bars and restaurants," Bloomberg reports.

By the numbers: Light & Wonder says it's paying 7.7 times EBITDA for the business. The deal includes a provision allowing Light & Wonder to pay up to $200 million more for the business based on a four-year earnout tied to the pull-tab unit's performance.

Grover is owned by founder and chief executive officer Garrett Blackwelder, a North Carolina-based entrepreneur.

2. The BFD: Pulling in $850M

Go deeper in our full database in the Axios Pro Deals Tracker.

• xAI, Elon Musk's AI business, is reportedly in talks to raise $10b at a $75b valuation with Sequoia Capital, a16z, and Valor Equity Partners, per Bloomberg. Go deeper 

• Poste Italiane SpA, Italy's state-run postal service, bought a 9.8% stake in Telecom Italia SpA. Go deeper

• Broadcom and TSMC are weighing a deal to split Intel, with Broadcom reportedly eyeing its chip-design business and TSMC looking at its factories. Go deeper

• Tether says it acquired a minority stake in Exor-backed Juventus Football Club (MI: JUVE). Go deeper

• 🏈 The New York Giants are seeking to sell up to a 10% ownership stake, per ESPN. Go deeper

3. Deal flow

• Goldman Sachs promoted Brandon Watkins to global head of internet investment banking, succeeding Jane Dunlevie, who remains COO and head of TMT investment banking. Go deeper

4. Movin' on up (or out)

🏒 NHL 4 Nations Face-Off steals the spotlight from NBA All-Star weekend (Front Office Sports)

"Despite worries about fan reception for a novel tournament, 4 Nations Face-Off was able to unseat a well-established, Saturday primetime event in a league far bigger than the NHL, which is struggling to grow as fast as it wants," Meredith Turits writes.

😰 Hollywood on defensive as Donald Trump's anti-DEI crusade targets creatives (FT)

"In film studios, music labels and talent agencies, there are nervous discussions about how to protect a creative, diverse workforce while avoiding the wrath of the Trump administration, which is determined to stamp out policies designed to encourage inclusion," Anna Nicolaou and Christopher Grimes write.

🎸 Spotify wants to sell you concert tickets (Bloomberg)

"Spotify is developing a more-expensive version of its service that will offer higher-quality audio, concert tickets and tools that let subscribers edit songs. The company is calling it Music Pro (at least for now) and aims to roll out the package later this year, priced about $6 a month more than its current subscriptions," Lucas Shaw writes.

5. Channel surfing

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February 18, 2025

1 big thing: Flooding DAZN