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Serie A Selects Private Equity Funds For Media Company

A cameramen films the Allianz Stadium in Turin, Italy, Sunday, Oct. 4, 2020 ahead of the scheduled Serie A soccer match between Juventus and Napoli. Napoli is likely to be handed a 3-0 loss by the Italian leagues judge for failing to show for its Serie A match at Juventus on Sunday night. Napoli did not travel to Turin for the match after local health authorities ordered the squad into quarantine after two players tested positive for the coronavirus. (Tano Pecoraro/LaPresse via AP)

A cameramen films the Allianz Stadium in Turin, Italy, Sunday, Oct. 4, 2020 ahead of the scheduled Serie A soccer match between Juventus and Napoli. Napoli is likely to be handed a 3-0 loss by the Italian leagues judge for failing to show for its Serie A match at Juventus on Sunday night. Napoli did not travel to Turin for the match after local health authorities ordered the squad into quarantine after two players tested positive for the coronavirus. (Tano Pecoraro/LaPresse via 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 leagues TV rights.

MILAN: 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 leagues 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 companys 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. Thats 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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