Sports media business LiveScore Group has announced it has received a £50m (€58m/$57.4m) strategic investment from Swiss media conglomerate Ringier AG.
The investment brings the valuation of LiveScore's gaming and media business to £500m.
LiveScore said the capital will be be used to expand the business on a global scale.
LiveScore Group consists of three brands – LiveScore, LiveScore Bet and Virgin Bet – across sports media and gaming verticals.
Recently, Ringier created its own dedicated sports media division, called the Ringier Sports Media Group.
LiveScore Group CEO Sam Sadi hailed the investment as a “significant step forward”.
“This is a hugely significant day for LiveScore Group, as we take a significant step forward following a £50m strategic investment from Ringier which values our business at £500m,” said Sadi.
“Ringier, with its sports media group, is the perfect partner as we look to accelerate our expansion into Central and Eastern European territories, given their outstanding expertise, assets and relationships.”
After the investment has concluded, Stilian Shishkov, senior partner of Ringier's Sports Media Group, will join LiveScore's supervisory board.
Shishkov is also the CEO and founder of Ringier's Sportal Media Group in Bulgaria.
Ringier CEO Marc Walder added: “From delivering real-time sports scores and free-to-air live streams to millions of global users, to offering the most innovative and trusted sportsbook betting opportunities, LiveScore Group has demonstrated it is already a true industry leader and will be a fantastic business partner for Ringier.
“Together, we aim to enhance and increase the enjoyment of sport through innovative products, and immersive experiences under the operational lead of Ringier Sports Media Group. With LiveScore Group's support we will better understand the way people feel about sport and what it means to them. Our vision is to fuel the fans' passion for sport.”
In 2021, LiveScore signed a partnership with footballer Cristiano Ronaldo, appointing him as the company's brand ambassador.