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

Carlyle and Bain are preparing bids for a minority stake in the company that holds Serie A’s international media rights, according to three people familiar with the matter. Oaktree, owner of reigning Italian champions Inter Milan, and Italian private-equity firm Nextalia are also expected to submit offers.

Binding bids for the unit are due by Sept. 4. The business would also hold Serie A’s overseas betting and sponsorship operations. Investors are expected to seek stakes of 10% to 20% in a venture that generates about €200 million in core earnings and could be valued at €3 billion to €4 billion, the people said.

Serie A’s adviser, JP Morgan, began approaching private-equity funds earlier this year about a possible sale. The league explored a similar deal in 2021 involving its more lucrative domestic media business, but talks collapsed after its 20 clubs failed to secure the majority required for approval.

Any sale of a stake in Serie A’s media businesses would require support from at least 14 of the league’s 20 clubs. The league, home to Inter Milan, AC Milan and Juventus, has struggled to sell its rights abroad as broadcaster interest has weakened. The expanded UEFA Champions League has crowded the fixture calendar, while England’s Premier League remains highly popular.

The international unit generates about €250 million in annual sales, according to UEFA data, far below the revenues generated by the Premier League and Spain’s LaLiga. Similar minority investments have been completed in other European leagues, including Spain and France. Serie A, the private-equity firms and JP Morgan declined or did not immediately provide comment.