Serie A selects private equity funds for media company
MILAN (AP) — Serie A on Tuesday selected a consortium featuring CVC Capital Partners, Advent International and FSI as a partner to help create its own media company in order to better organize the sale and promotion of the league’s TV rights.
The deal with the private equity funds for 10 percent of the media company is reportedly worth 1.6 billion euros ($1.9 billion).
“The clubs have deliberated by a large majority to proceed exclusively with CVC-Advent-FSI for the negotiations of the terms and conditions of the offer,” the league said in a statement. “A commission will undertake negotiations with the consortium for a period of four weeks starting today.”
The media company’s first order of business will be to boost the 370 million euros ($435 million) that Serie A takes in annually for its foreign TV rights. That’s a fraction of what the Premier League gets.
With 14 votes needed to select which funds group to select, 15 clubs voted for Advent-CVC-FSI, while Lazio, Udinese, Napoli, Atalanta and Hellas Verona abstained. There was a less lucrative offer from Bain Capital and NB Renaissance Partners.
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