Dream Sports, the company behind Dream11, just bought a piece of Cricbuzz from Times Internet for $50 million. It also bought a stake in Willow TV, a cricket broadcaster in the U.S.

As you probably know, Dream11’s core business is fantasy sports. But no thanks to new taxes and regulatory friction, their business isn’t looking so good lately. Revenue projections are down, growth is slowing, and they haven’t raised fresh money since 2021.

Cricbuzz, meanwhile,  has hundreds of millions of monthly visits. That too mostly young users which is exactly the kind of crowd Dream11 wants to tap in to. And Willow TV brings in the U.S. diaspora just when cricket is having its moment in the US, driven largely by South Asian immigrants. The country even hosted the T20 World Cup last year. Together, the two open the doors for Dream Sports  to expand, engage, and maybe also survive.

But here’s the real kicker. Dream Sports only bought a minority stake. Why play small in a high-stakes game? And who’s actually the real winner in all of this?

Tune in to find out.