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CCV - Churchill Capital V News Story

$10.12 -0.1  -0.8%

Last Trade - 09/04/21

Sector
Financials
Size
Mid Cap
Market Cap £507.6m
Enterprise Value £506.5m
Revenue £n/a
Position in Universe 3199th / 6827

UPDATE 1-Soccer-Telecom Italia and DAZN team up in Serie A rights race

Mon 22nd February, 2021 7:39pm
(Adds Telecom Italia's statement)
    MILAN, Feb 22 (Reuters) - Telecom Italia (TIM)  TLIT.MI  is
preparing to provide technological and financial support to
sports streaming service DAZN Group as it bids for the rights to
screen Italy's top soccer league, said three people close to the
matter.
    DAZN is leading the race for rights to broadcast Italy's
Serie A matches over the next three seasons in a challenge to
the country's dominant pay-TV player SKY, sources told Reuters
this month.  urn:newsml:reuters.com:*:nL8N2KD0F8
    The sources said that, under an accord that would be
finalised if DAZN won the tender, Italy's biggest phone group
would provide distribution capabilities to DAZN, betting on
soccer to promote its broadband services.
    TIM already has a distribution accord in place with both
DAZN and SKY to stream sports events on its TIM Vision video
platform.  urn:newsml:reuters.com:*:nL8N28J5D9
    TIM said in a statement it had agreed with DAZN to extend an
already existing distribution agreement they had conditional
upon the streaming service winning the rights.
    TIM, which said cooperation would start from July this year
and cover the whole live and on-demand sports content offer of
DAZN, gave no financial details.
    Sources have previously said that to win the right to show
all Serie A matches on its streaming app, DAZN is offering about
850 million euros ($1 billion) per season.
    A document seen by Reuters showed that DAZN's financial
partner in the venture would cover more than 40% of the annual
payments due by DAZN to Serie A.
    The document does not specify the identity of the partner, 
but the sources said it refers to TIM, which would invest at
least 1 billion euros over three seasons. 
    Bloomberg News reported news of the accord between DAZN and
TIM earlier on Monday.    
($1 = 0.8220 euros)
    

 (Reporting by Elvira Pollina
Writing by Valentina Za
Editing by David Goodman)
 ((valentina.za@thomsonreuters.com; +39 02 6612 9526;))
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