Dream11 parent to invest $50 million in Times Internet's Cricbuzz and Willow TV
Dream Sports
has invested $50 million (around Rs 427 crore) in
cricket media platform
Cricbuzz and North American
cricket
broadcaster
Willow TV
, both owned by
Times Internet
, the companies said in a news release on Tuesday.
With this investment, Dream Sports will pick a strategic minority interest in
Cricbuzz
and Willow TV, which collectively have 185 million monthly users across more than 150 countries.
'Cricbuzz and Willow sit at the heart of how hundreds of millions of fans follow cricket everyday,' Times Internet vice chairman Satyan Gajwani said. 'We're excited to work with Dream Sports to reimagine and develop new ways to collaboratively create new experiences for cricket fans across the planet.'
In March 2023, Willow TV secured rights to broadcast International Cricket Council events in the US and Canada until the end of 2027, extending a partnership that began in 2016.
ETtech
Live Events
Willow TV, the largest cricket broadcaster in North America, streams more than 1,500 live matches each year to users in the US and Canada, and has also expanded its broadcast footprint into a leading cricket broadcast platform for the Middle East and Southeast Asia.
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Dream Sports' investment in Cricbuzz and Willow TV will create new opportunities for fan experiences, the statement said, adding that the companies intend to collaborate to provide more real-time analysis and statistics, engagement and commerce integrations, and AI-driven predictions to Cricbuzz's audience.
Times Internet is the digital arm of The Times of India Group, which publishes The Economic Times.
Dream Sports cofounder and CEO Harsh Jain said, 'Dream Sports' mission is to 'Make Sports Better' for Indian sports fans. Cricbuzz and
Dream11
have worked together for over a decade, and with this investment, all cricket fans can expect much more fan engagement, interactive streams, and integrated commerce experiences that will bring them closer to the action and to each other.'
Avendus Capital
acted as the exclusive financial advisor to the transaction.
With 200 million users, Dream Sports, which operates the fantasy platform Dream11, has been expanding its presence beyond India. Earlier this month, it joined the ownership group of English football club
Salford City FC
, becoming part of a consortium led by footballing icons David Beckham and Gary Neville, alongside business leaders Declan Kelly and Lord Mervyn Davies.
The company also runs sports content and commerce platform FanCode and experiential sports travel platform DreamSetGo.
On March 31,
ET reported
that Dream Sports had shifted its domicile from the US to India through a reverse merger, becoming one of the first new-age firms to use the fast-track route for cross-border mergers.
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