Twozero Ventures seals its 2nd exit agreement

TWOZERO Ventures, Türkiye’s first sports, media and entertainment venture capital fund, has sealed its second successful exit deal with the transfer of the streaming service BluTV to Warner Bros Discovery, approved by the country’s competition watchdog.

The fund’s first exit agreement marked the initial public offering (IPO) of Maçkolik, a pioneering online platform offering worldwide sports news, scores, predictions, and analytics, last year.

When twozero Ventures made its investment in BluTV in 2021, Warner Bros Discovery announced that it had acquired 35% of BluTV shares for $20 million in the same year. With the recent approval from the Competition Authority (RK), all BluTV shares have officially transferred to Warner Bros Discovery.

Yiğit Arslan, managing partner of twozero Ventures, said their investment in BluTV, which he says was made with the anticipation that its leading position in the national market would attract the intense interest of global market leaders, has paid off in less than four years.

“One of the most influential factors in our investment in BluTV was the realization that original content produced in Türkiye resonates worldwide. Through lengthy discussions with BluTV founder Aydın Doğan Yalçındağ and his team, we were able to convince Warner Bros Discovery to invest under the right conditions,” Arslan noted.

“With Warner Bros Discovery’s extensive content library added to BluTV’s ability to produce original content, the company expanded its user base by at least four times in four years. We believe that new success stories like BluTV will emerge from the sports and media sectors in which we invest.”