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

📆 8/29/2020 3:41 PM
📰 staronline

⏱ Reading Time:
17 sec. here
2 min. at publisher
📊 Quality Score:
News: 10%
Publisher: 75%

United States News News

United States United States Latest News,United States United States Headlines

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.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Timber company fails in court bid to quash tax assessmentTimber company fails in court bid to quash tax assessment The Federal Court rules that the LHDN director-general had acted lawfully in following the Income Tax Act. FMTNews
Source: fmtoday - 🏆 5. / 72 Read more »