Exclusive-Dalian Wanda weighs sale of Olympics media rights manager Infront -sources
By Amy-Jo Crowley, Emma-Victoria Farr and Milana Vinn
LONDON/FRANKFURT/NEW YORK (Reuters) -Dalian Wanda Group, owned by China's once-richest man Wang Jianlin, is seeking to sell its sports marketing unit Infront as financial pressure mounts on the property developer to shore up its finances, four people familiar with the matter told Reuters.
China's largest commercial property group has tapped Deutsche Bank (ETR:DBKGn) for advice on the sale of Infront Sports & Media, the sources said, adding the process is in the early stages and could take months to complete.
Private equity firms are looking at Infront, three of the sources said. The successful buyer is likely to be an investor with deep pockets because of the minimum guarantees the company is required to pay for sports rights, one of the sources added.
Headquartered in Switzerland, Infront's businesses include managing Italy's Serie A and the UK Premier League's international media rights, as well as event operations, media rights distribution and sponsorship sales.
In June, Infront was awarded broadcast rights in 22 countries in Central and South East Asia for the Olympic Games from 2026 through 2032.
Wanda and Deutsche Bank declined to comment. A spokesperson for Infront said: «We confirm that, together with our shareholder Wanda Sports Group, Infront has launched a strategic review process with the aim to find a fully committed strategic investor,» adding that the company generates total annual revenues of around 1 billion euros ($1.09 billion).
The sources, who requested anonymity as the matter is confidential, cautioned a deal is not certain and is subject to market conditions.
China's property developers have been battered over the last few years as falling
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