Dazn getting ‘IPO ready’, says CEO Segev, after swing into black and key hires
Dazn chief executive Shay Segev has confirmed the global sports streaming platform is preparing for an IPO after achieving EBITDA profitability in 2025.
Segev said the company had not decided on a timeframe for a float, nor whether the London-headquartered company would be listed on the FTSE or overseas.
But he confirmed that the advent of long-awaited profitability, following losses totalling $10bn (£7.4bn) in its first nine years of trading, and the appointment of new key personnel this week would all help make Dazn “IPO ready”.
“We know, directionally, that we want to be IPO ready,” Segev told Morning Wire. “IPO ready doesn’t mean we’re going to do an IPO. It needs to make sense for us, to do it at the right time, the right valuation, as part of the strategy overall.
“I think it does make sense for a company like Dazn to be public at some point, the question is timing. Another year and a half, two years, three years, then we do it at the right time. We definitely think that the business is soon to be ready, but we will make the decision when we think it’s the right time.”
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Dazn is yet to publish its 2025 accounts but Segev said they would show “more than $100m EBITDA”, a dramatic swing from 2024’s EBITDA loss of $778m. He added that the figure “hopefully would be around $250m” in 2026.
The improved results relate to a year in which Dazn acquired the profitable Foxtel Group from News Corp and acted as Fifa’s main global broadcast partner for the expanded Club World Cup. Its previous losses were propped up by billionaire Sir Leonard Blavatnik, its ultimate owner.
Dazn this week announced three executive appointments, including former Foxtel CEO Patrick Delany as chief operating officer and Alex Gersh, who previously led Sportradar’s NASDAQ listing, as chief financial officer.
“Alex coming in clearly is a good signal, and the fact we’re starting also to think not only about how we can continue to improve the KPIs of the business but also the equity story to be able to explain it better to potential future shareholders,” said Segev.
IPO not just about raising money, says CEO
In recent months Dazn has bolstered its business by acquiring US b2b platform EverPass Media, which provides sports packages to bars, restaurants and hotels, and direct-to-consumer service ViewLift, which allows it to broadcast more regional networks.
Dazn operates in more than 200 markets worldwide and has deals with the NFL, NBA, Formula 1, MotoGP, Bundesliga, Serie A, LaLiga and Ligue 1 as well as leading combat sports promoters.
“We are very well capitalised as a business so, for us, the goal of an IPO is not necessarily about us just raising money. It’s about making sure that it actually supports the business for its next stage of growth of being a public company, and ideally being able to do further transactions,” said Segev.
“The momentum is very good for our business. We see engagement is growing, 20 per cent more customers using the product more year on year. I think it’s now a matter of ‘how far can we take it?’ and ideally we want to take it very very far. It’s very exciting. Dazn can be and will be the global platform for sports fans all over the world.”