Access Industries, the multinational industrial group headed by billionaire Len Blavatnik, has moved to wipe out borrowings at DAZN Group, the global sports subscription service and media company, by subscribing to $4.3bn (€3.8bn) worth of new shares, turning loans into permanent capital.
The ‘recapitalisation’ of DAZN comes shortly after the business was hit hard by the Covid-19 pandemic and also follows the group’s failed bid to take over UK pay-television broadcaster BT Sport in a move that was designed to fast-track the UK business, boost subscriber numbers and attract investors ahead of a planned Initial Public Offering (IPO).
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