- Legal States
Stoyan Todorov January 11, 2021 3 min read
Entain CEO Shay Segev to Withdraw for a Position in DAZN
Entain’s CEO, Shay Segev, is leaving the company to take up a position at DAZN, a global streaming giant.
Entain Sees Shay Segev Go to DAZN
Only six months after stepping in at the helm of Entain, and steering the company to an ambitious future, Shay Segev, the now-departing CEO, has decided to move on and become Co-CEO of DAZN, a privately-owned streaming giant that holds exclusivity over numerous boxing fights, and has branched into many other sports.
Segev has a six month notice period, allowing him to help with the transition as the board looks for a worthy successor. Replacing Segev will be hard, but the Board has measures in place to help with finding the right person for the job.
Commenting on the news, Entain chairman Barry Gibson said that the company was sorry to see Segev leave and added that DAZN had made a better offer to lure their top executive away. Gibson went on to add that Entain’s business was shaping up nicely since the rebranding, and the company is in a strong position to hit its goals.
He noted that Entain has been on a 20-quarter double-digit online growth trajectory and future prospects have looked stronger than ever.
“We have built a truly global business which is entirely based on our own technology and offers our best-in-class entertainment services in more than 20 nationally-licensed countries.”-Entain chairman Barry Gibson
Segev Supports Entain’s Position in MGM Bid
Gibson also said that the departure of Segev has not affected the recent bid by MGM Resorts and the Board’s decision in the matter. According to Entain’s top executives, the takeover bid greatly undervalues the intellectual assets, properties and prospects of the company, even though MGM Resort’s largest shareholder is willing to support the move.
While MGM Resorts is considering whether to draft a new proposal, Entain has been pushing for an acquisition of its own, offering SEK2.8 billion for Swedish iGaming and sports management company Enlabs AB.
For his part, Segev said that departing from Entain would not be easy, but he is adamant that the type of opportunity offered within DAZN is what he wants to pursue. “Entain is in great shape,” the executive added, citing the launch of the company’s new strategy.
He too confirmed that his decision to move on was not a result by MGM Resorts’ bid, dispelling any speculation on the spot. Entain has a great team of leaders, Shay added, and an exciting future to ensure a sustainable future for itself and the industry.
“I will do all I can to continue to support the company,” Segev concluded. In the short time the company operated as Entain, it struck an ambitious partnership with Verizon and secured another agreement with Trident Leagues.