Italy’s Serie A soccer league sounds out private equity for stake in overseas media unit, sources say

MILAN/LONDON, April 8 : Italy’s Serie A soccer league has sounded out private equity investor interest for a minority stake in its international media rights business, three sources with knowledge of the matter told Reuters.

Italy's top flight, home to Inter Milan, AC Milan and Juventus, last year hired JP Morgan to explore options for a unit holding the league's international media rights, Reuters reported last year.

The division generates sales of around 250 million euros ($292.6 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.

Funds Apollo, CVC, Ares and Sixth Street are among several potential bidders JP Morgan has informally sounded out about the potential deal, the sources added.  A formal process is expected to start later this month, one source said.

Serie A, JP Morgan and Sixth Street declined to comment.

Apollo, CVC and Ares did not immediately respond to requests for comment.

Serie A has struggled 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.

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

JP Morgan has assisted the league in drafting a business plan for its international media operations, also encompassing sponsorship agreements and contracts to stage Italian Super Cup matches overseas, the sources said.

Under the proposed deal pitched to funds, the Italian league could sell an up to 49 per cent stake in the unit as part of