Italy's top-flight football competition has begun confidential outreach to private equity investors about selling a minority stake in the business that holds its international media rights, according to people with direct knowledge of the deliberations.
The league, which counts Inter Milan, AC Milan and Juventus among its clubs, engaged JP Morgan last year to evaluate strategic options for the unit that manages international broadcast rights. Those discussions have continued, with JP Morgan informally sounding out several potential bidders, the sources said.
Industry contacts say the division produces approximately 250 million euros in annual revenue - a figure well below the sums earned by some rival European leagues - and the league is considering monetising part of it to secure upfront capital coupled with long-term revenue sharing. Under the structure presented to prospective investors, Serie A could sell up to a 49% interest in the international media unit as part of a multi-year agreement, the sources added.
Private equity firms known to have been approached informally by JP Morgan include Apollo, CVC, Ares and Sixth Street, the sources said. A formal marketing process is anticipated to begin later this month, one of the people said. Serie A, JP Morgan and Sixth Street declined to comment when contacted. Apollo, CVC and Ares did not immediately respond to requests for comment.
The league has encountered difficulties expanding the appeal of its rights overseas. Broadcasters' appetite has softened amid a packed match calendar that is increasingly dominated by the expanded UEFA Champions League and the global pull of England's Premier League, the sources said. Earlier attempts to raise capital through sale of media assets met resistance - in 2021 the league explored selling a stake in its domestic media unit, but the proposal fell apart after the 20 member clubs failed to secure the necessary majority vote.
JP Morgan has helped the league prepare a business plan for the international operation, according to the sources. That plan covers not only media rights but also sponsorship arrangements and contracts to stage the Italian Super Cup abroad, reflecting a broader commercial package rather than a narrow broadcast-only asset.
If the deal proceeds, it would echo transactions completed in other European markets where investors bought minority positions in media rights vehicles in return for initial capital and a share of future revenues, the sources said. Any transaction of this type must also clear the league's governance hurdle - at least 14 clubs must vote in favour of deals involving strategic commercial assets.
All monetary figures in this report use a conversion of $1 = 0.8543 euros where applicable.