Private equity firms Carlyle, Bain, Oaktree readying bids for Serie A international media unit, sources say

MILAN: Carlyle and Bain are among private equity funds preparing to bid for a minority stake in a company holding the international media rights of Serie A, three sources familiar with the matter told Reuters, in the latest attempt from Italy's top-flight soccer league to bring in outside investors.

Oaktree - the owner of Serie A's reigning champions Inter Milan - and Italian private equity firm Nextalia are also ‌among those ⁠expected to ⁠bid, the people said.

Binding bids for the unit, which would also hold Serie A's betting and sponsorship business ​abroad, are due by September 4, the sources said.


Earlier this year, Serie A's adviser JP Morgan started sounding out several private equity funds over the potential stake sale, Reuters reported in April.

Investors are expected to submit binding offers for a 10% to 20% stake in the venture, which ​generates around €200 million ($231.66 million) in core earnings and could be ⁠valued at €3 ‌billion to €4 billion, the people said.

Serie A, Carlyle, Bain, Oaktree and ​Nextalia declined to ​comment. JP Morgan did not immediately reply to a request for ⁠comment.

Serie A explored a similar plan in 2021 to sell a ​stake in its more lucrative domestic media unit, but talks ​collapsed after the league's 20 clubs failed to reach the required majority to approve a deal.

At that time, it considered the sale of a 10% stake in the unit to a consortium led by CVC but the €1.7 billion deal failed to gain the required support from the clubs.

Any stake sale in Serie A's media businesses would need the backing of at least ‌14 out of 20 clubs comprising the league.

Home to Inter Milan, AC Milan and Juventus, the Italian league has been struggling in recent years ​to sell its ​media rights abroad, as ⁠broadcasters' interest dwindled due to a crowded fixture list dominated by the expanded UEFA Champions League and the popularity of England's Premier League.

The Serie A international media unit generates sales ​of around €250 million a year, a fraction of those generated by England's Premier League and Spain's LaLiga, according to data from European soccer body UEFA.

The stake sale would mirror private equity investments completed in other European leagues, including Spain and France, where investors have taken minority stakes in the domestic media rights businesses.

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