A Chinese consortium led by China Everbright Securities and Internet video firm Beijing Baofeng Technology has bought a 65% stake in sports media rights agency MP & Silva, according to a disclosure filing (in Chinese).
Headquartered in London and Singapore, MP & Silva distributes sports programming to more than 200 broadcasters in 215 countries, including French Open tennis, Formula 1 racing, and European football league matches.
The deal, which values the sports company at around US$1 billion, follows Dalian Wanda Group’s acquisition of stakes in Spanish football team Atlético Madrid, Infront Sports & Media, and the World Triathlon Corporation.
A few days ago, Chinese businessman Tony Xia paid US$88 million to buy English football club Aston Villa.
The increasing interests among Chinese companies and investors to purchase global premium sports assets is driven by expected future growth of the country’s sports market.
The Chinese government has set a goal to expand the sports market to RMB3 trillion (US$457 billion) in 2020, compared to RMB1.36 trillion (US$207 billion) in 2014.
Baofeng also plans to launch its owns sports platform and work closely with MP & Silva on online sports video streaming, it says in the filing.