Italy: Oaktree bids for Serie A TV rights
October 6, 2023
From Branislav Pekic in Rome
US global asset management firm Oaktree Capital Management has submitted a €1 billion-plus bid for the Italian Serie A TV rights, according to reports.
Oaktree is seeking to take a significant stake in a new TV venture run by Italy’s Serie A football league, which would be the first time a major European sport would broadcast its own live matches. The new TV service, which is still in the early stages of development, is expected to launch in the 2024-2025 season.
Italian daily Il Sole 24 Ore reported that Oaktree offered €950 million to Lega Serie A for the first year of a 15-year TV rights deal for Italy only. The advertising revenue would remain with the league, which is also expected to earn around €70 million per year.
Oaktree’s bid comes just days ahead of the final round of private negotiations with DAZN, Sky and Mediaset for the TV rights starting from 2024-25. Lega Serie A has been trying to auction off its future TV rights, but bids have so far been disappointing, not going beyond €880 million per year for five years, which is less than the current level and the targeted €1 billion per year.
This would not be Oaktree’s first investment in Italian football. In 2021, the asset manager provided a €275 million emergency loan to the Inter Milan football club to shore up its finances.