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

Investors are expected to submit binding offers for a 10% to 20% stake in the venture, which generates around €200 million ($231.66 million) in core earnings and could be valued at €3 billion to €4 billion, the people said.

Serie A, Carlyle, Bain, Oaktree and Nextalia declined to comment. JP Morgan did not immediately reply to a request for comment.

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

At that time, it considered the sale of a 10% stake in the unit to a consortium led by CVC CVC.AS but the €1.7 billion deal failed to gain the required support from the clubs.

Any stake sale in Serie A's media businesses would need the backing of at least 14 out of 20 clubs comprising the league.

Home to Inter Milan, AC Milan and Juventus JUVE.MI, the Italian league has been struggling in recent years 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.