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Serie A at a crossroads as funds bid for new media company

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MILAN (Reuters) - Large private equity funds have teamed up to bid for a minority stake in a firm holding Serie A broadcasting rights, two sources familiar with the matter said, leaving Italy's top soccer clubs at a crossroads regarding the future of their vital media business.

Looking for ways to lift flagging revenues and weather the coronavirus crisis, Serie A has asked investors to submit bids to buy a stake of up to 15% in a newly-created media company that would control its broadcast rights.Sources say private equity firms CVC Capital Partners, Advent International and Italy's state-backed fund FSI tabled a joint offer ahead of a deadline that expired on Friday.

Both offers target a 10% stake in the new company to which Serie A would transfer its broadcasting rights for 10 seasons, a venture which private equity investors have valued at 13-15 billion euros. Serie A's president Paolo Dal Pino sees the creation of a new media company as a way to boost revenue, especially abroad.

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