Italy’s Serie A soccer league is evaluating interest from private equity investors for a minority share in its international media rights division. The league, which features prominent clubs like Inter Milan, AC Milan, and Juventus, engaged JP Morgan last year to explore strategic options for this unit.
This international media rights business generates approximately 250 million euros ($292.6 million) annually, significantly less than the revenues of England’s Premier League and Spain’s LaLiga, based on data from UEFA. Several private equity firms, including Apollo, CVC, Ares, and Sixth Street, have been informally approached by JP Morgan regarding a potential investment.
One source indicated that a formal bidding process is likely to commence later this month. Serie A, JP Morgan, and Sixth Street have declined to provide comments, while Apollo, CVC, and Ares have not responded to inquiries.
The league has faced challenges in selling its media rights internationally, as broadcasters’ interest has waned amid a congested schedule dominated by the expanded UEFA Champions League and the widespread appeal of the Premier League. In 2021, Serie A attempted a similar transaction involving its more lucrative domestic media rights unit; however, the deal fell through after the league’s 20 clubs failed to secure the necessary majority approval.
JP Morgan has also supported Serie A in developing a business plan for its international media operations, which includes sponsorship deals and contracts to host Italian Super Cup matches abroad. The proposed transaction could involve selling up to a 49% stake in the international media unit under a multi-year agreement.
This potential move aligns with recent private equity investments in other European leagues, such as those in Spain and France, where minority stakes in media rights businesses have been sold in exchange for upfront capital and long-term revenue sharing. league regulations, any transaction involving strategic commercial assets requires approval from at least 14 of the 20 clubs.
($1 = 0.8543 euros)
