Shanghai fund agrees to buy 65% share in media rights company
Print Edition
A SHANGHAI-BASED fund, jointly owned by China Everbright and Beijing Baofeng Technology, yesterday announced the purchase of a 65 percent stake in media rights group MP & Silva.
Shanghai Jin Xin did not disclose the value of the deal, but the acquisition is set to deepen China’s investment in global sports and entertainment.
Reuters quoted a source as saying the deal valued MP & Silva at about US$1 billion.
“Sports provide great long-lasting content and experiences for online and offline audiences, Baofeng’s Chief Executive Larry Feng said in a statement.
Headquartered in London and Singapore with an annual turnover of US$600 million, MP & Silva makes the bulk of its revenue from the sale of soccer rights, though also sells the French Open in Europe and Formula 1 in the Middle East.
Its main shareholders, Italian businessmen Andrea Radrizzani and Riccardo Silva, own a combined 80 percent. Carlo Pozzali is the third founding partner and a minority shareholder in the business.
Baofeng, which offers online audio and video entertainment services, said it would exploit its strong position in China along with MP & Silva’s relationship with rights holders and broadcasters to help the company grow in China and globally.
The deal adds to China’s rapidly expanding portfolio of global sports assets, with soccer a particular focus.
This month, disgraced former Italian Prime Minister Silvio Berlusconi began talks with Chinese investors about selling a majority stake in soccer club AC Milan. Last week, a Chinese magnate agreed to buy English club Aston Villa.
Property group Dalian Wanda, which last year bought a 20 percent stake in Atletico Madrid, has also acquired Swiss sports-marketing company Infront.
Shares in ChiNext-listed Baofeng rose 8 percent to 69.20 yuan (US$10.56) yesterday, compared with a 1 percent fall by the market as a whole.
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