(Bloomberg) -- German sports streaming platform Dyn Media is planning a funding round that could value the business at €60 million ($66 million) or more, according to people familiar with the matter.
The Axel Springer SE-backed company is working with UniCredit SpA on fielding interest from TV broadcasters as well as financial investors, said the people, who asked not to be identified as the information is private.
UniCredit’s Patrik Zeigherman, the lender’s chairman of investment banking, has been a regular adviser to Germany’s professional football league DFL on its broadcasting rights auction as well as deliberations around bringing in private equity.
The fundraising could provide Dyn with a mix of cash and media advertisement rights — so-called media-for-equity deals — that would help expanding its reach and brand awareness, some of the people said. If Dyn benchmarks its larger peers with a similar revenue multiple, the business could be worth €60 million to €80 million, the people said.
“We’ve had quite some inbound interest, hence we decided to conduct a structured process evaluating strategic options,” Christian Seifert, founder and chairman of the platform, said when contacted by Bloomberg News about the transaction. Seifert, former chief executive officer of DFL and now an honorary member of the league, declined to comment further. A representative for UniCredit declined to comment.
Launched in August 2023, Dyn broadcasts matches of men’s and women’s German leagues in basketball, handball, volleyball, table tennis and hockey. It charges a minimum €12.5 a month for a basic subscription, its website shows.
The platform reached over 100,000 subscribers shortly after its launch, the people said. Axel Springer, which itself is going through a split, is the majority shareholder of Dyn.
©2024 Bloomberg L.P.
