Serie A Will Have New Company To Handle Broadcast Rights

Serie A soccer clubs today agreed to "set up a new media company to handle the broadcast rights for top-flight Italian soccer and are deciding between two rival private equity bids seeking a stake in the business." The league "hopes the new company will improve governance and boost revenue, especially abroad." Club officials said that they "invited bids for a minority stake" and the clubs voted to "review two separate bids led by CVC Capital Partners and Bain Capital for a 10% stake in Serie A's media businesses." Sources said that the 10% stake in the company is "valued at up to" $1.9B (REUTERS, 9/9).