Deezer Streaming Service, Valued at $1.1 Billion, Strikes SPAC Deal to Go Public
variety.comJem Aswad Senior Music EditorThe France-based streaming service Deezer, which has a relatively low profile in the U.S. but is one of the world’s largest streamers, is merging with a special-purpose acquisition company (SPAC) with an eye toward going public at a $1.13 billion valuation, the companies told the Wall Street Journal.Deezer, which launched in 2007, is merging with Paris-listed I2PO SA.
According to WSJ, it is a so-called blank-check company backed by France’s Pinault family, the controlling shareholder of Gucci-owner Kering, as well as Centerview Partners banker Matthieu Pigasse.
The vehicle is headed by former WarnerMedia executive Iris Knobloch.A rep for Deezer declined Variety’s requests for further comment.
Paris-based Deezer has 9.6 million subscribers and generated revenue of €400 million in 2021, the company said. In addition to a music catalog of 90 million-plus songs, it also offers as podcasts, audio books and radio channels.Deezer attempted an IPO in 2015 but backed off after a steep decline in listeners at Pandora radio cooled the market for streaming services.
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