China investor in $1 billion deal for sports rights group MP & Silva

MILAN, May 24, (RTRS): A Chinese group has bought a 65 percent stake in Italian-owned sports media rights group MP & Silva (MPS), according to a statement on Tuesday from Beijing Baofeng Technology Co Ltd, which is one of the investors.

Reuters had earlier reported, citing a source familiar with the matter, that China Everbright and Beijing Baofeng were set to take a stake of around 60 percent in MPS, valuing the company at just over $1 billion.

A second source confirmed the deal valued MPS as a whole at around $1 billion.

Headquartered in London and Singapore with an annual turnover of $600 million, MPS distributes media rights for a series of sports federations and clubs, including Italy’s top-flight Serie A soccer league.

Its main shareholders, Italian businessmen Andrea Radrizzani and Riccardo Silva, own an overall 80 percent of the company. Carlo Pozzali is the third founding partner and a minority shareholder in the business.