A Shanghai-based fund, jointly owned by China Everbright and Beijing Baofeng Technology, have announced the purchase of a 65% 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.
MP & Silva’s core business is the acquisition, management and distribution of media rights of national leagues, federations and clubs and sports events around the world.
The Italian-owned company, which has 20 offices worldwide, recorded a turnover in excess of USD600 million for the year ending June 2015.
This partnership will provide MP & Silva with additional financial resources to accelerate the growth of the business. The new partners will bring expertise and experience that will help facilitate the development of the group internationally, particularly in the rapidly growing and increasing important Chinese market.
Baofeng Technology will develop a sports channel and multiple sports apps. The MP & Silva business will act as a platform to support Baofeng's sports operations.
Larry Feng, CEO of Baofeng said: "Sports provide great long lasting content and experiences for online and offline audiences. Baofeng is seeking to work with the best global sports players to enhance its service ecosystem."
Xue Feng, CEO of Everbright Securities said: "China owns billions of sports fans and its sports industry has been one of the “hottest” investments recently. We hope to seize the unprecedented opportunities brought by the rapid development of the sports industry in China together with our partners, Beijing Baofeng and MP&Silva."