Sky has secured Italian broadcasting rights for Euro 2028 and the Nations League, while DAZN has restructured its senior management team in preparation for a potential stock market listing. DAZN also reported that it expects to reach profitability in 2025 with an EBITDA exceeding $100 million.
DAZN’s transition toward a $100 million positive EBITDA marks a critical shift from aggressive spending to fiscal sustainability for pure-play sports streamers. This financial turnaround, paired with a management overhaul, suggests the platform is stabilizing its high-cost rights model for Serie A and other premium leagues to attract public investors. Meanwhile, Sky’s acquisition of Euro 2028 rights demonstrates that traditional pay-TV incumbents are doubling down on exclusive international tournaments to defend their subscription bases against digital-first challengers. The industry should monitor DAZN’s official 2025 financial statements for the specific EBITDA margins that will dictate its eventual listing valuation.
DAZN's push toward profitability arrives amid a broader reckoning over sports streaming economics. The platform's parent company Access Industries has been restructuring DAZN's leadership team ahead of a potential public listing, with CEO Shay Segev consolidating operational control. DAZN's reported EBITDA target of over $100 million for 2025 would represent a significant milestone for a company that has historically operated at substantial losses while acquiring premium football rights across Italy, Germany, Spain, and Japan. The management restructure, which saw Darren Waterman and Alex Gersh take expanded roles, signals preparation for the scrutiny that public-market investors will demand around rights-cost discipline and subscriber retention metrics.
Sky's acquisition of Euro 2028 and Nations League rights for Italy reflects a competitive dynamic where traditional pay-TV operators and digital-first sports streamers are carving distinct positions in the rights market. Sky has secured Italian broadcasting rights for Euro 2028 and the Nations League from UEFA, adding to its existing portfolio of Serie A and Champions League coverage in the market. This follows a pattern across Europe where incumbent broadcasters have retained or reclaimed national-team tournament rights from digital challengers. In the UK, ITV and BBC continue to hold free-to-air European Championship coverage, while in Germany, RTL and ZDF have maintained their positions alongside DAZN's club-football packages. The segmentation suggests that rights holders like UEFA are optimizing for a mix of reach and revenue rather than awarding all inventory to the highest bidder.
The competitive landscape for sports streaming rights continues to intensify as platforms differentiate on bundling and distribution. DAZN has expanded its content offering beyond live sports into entertainment and boxing, while Sky's parent Comcast has been investing in Peacock as a complementary streaming product in the US market. For DAZN specifically, the path to IPO will depend on demonstrating that its multi-market rights portfolio can sustain subscriber growth without the cash-burn that characterized its early expansion phase. Analysts tracking the sports media sector have noted that DAZN's ability to convert trial users into long-term paying subscribers, particularly in Italy where it holds Serie A rights, will be the key metric public investors scrutinize during any roadshow.
DAZN is targeting profitability with a projected EBITDA exceeding $100 million by 2025, signaling a shift toward fiscal sustainability ahead of a potential IPO. Simultaneously, Sky has strengthened its Italian market position by securing exclusive broadcasting rights for Euro 2028 and the Nations League, highlighting the ongoing competition between streamers and traditional broadcasters.
DAZN projects it will reach profitability and be IPO-ready by 2025, with a forecasted EBITDA exceeding $100 million.
Sky has acquired the Italian broadcasting rights for Euro 2028, including all 51 matches with 24 exclusive broadcasts, as well as the 2026/27 Nations League and Euro 2028 qualifiers.
DAZN CEO Shay Segev is leading the restructuring, which includes the appointments of Patrick Delany as COO and Alex Gersh as CFO.
It marks a transition from aggressive spending to fiscal sustainability, which is a critical step for the platform to attract public investors and demonstrate that its sports rights model can function without substantial losses.
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