×
You will be redirected back to your article in seconds

Shanghai Groups Join Wanda in Infront Sports Deal

Shanghai Oriental Pearl and China Media Capital are to jointly buy a 5% stake in Infront Sports & Media, the sports marketing firm recently acquired by China’s Dalian Wanda group.

Oriental Pearl is a listed subsidiary of Shanghai Media Group, while CMC is a private equiy fund run by former SMG boss Li Ruigang.

The two companies are buying their shares from Wanda, which earlier this month completed the $1.2 billion (Euro 1.05 billion) purchase of a 60% stake in the sports rights giant. Oriental said that the deal would help “Oriental Pearl and Star Sports obtain rights to broadcast major sports events and promote the development of its Internet TV services business.” It will pay $19.6 million for its equity sliver.

“To reflect the new ownership structure, Wanda representatives will join Infront’s board of directors. Wanda Cultural Industry Group president Lincoln Zhang will take over as chairman. Jack Q Gao, Wanda Group VP & CEO, International Investments and Business Developments, will act as vice chairman, Infront said. Philippe Blatter, son of controversial FIFA chief Sepp Blatter, will remain as Infront’s president and CEO.

Earlier this week (July 11) Wanda held its semi-annual meeting and said that it plans to accelerate the pace of its international expansion outside China, with six further acquisitions in the pipeline this year. These are especially likely to focus on cultural tourism and finance. Earlier this month Wanda also agreed to pay $577 million (RMB3.58 billion) for Chinese online travel firm Ly.com.

Popular on Variety

More Biz

  • Harvey Weinstein

    Weinstein Can Get a Fair Trial in Manhattan, Says D.A.

    The Manhattan District Attorney’s office argued on Friday that Harvey Weinstein can get a fair trial in Manhattan, and blamed the producer’s defense team for much of the pre-trial publicity in the case. Weinstein’s attorneys have asked an appellate court to transfer the case — which is set to begin on Sept. 9 — to [...]

  • Leonardo DiCaprio Madonna

    Leonardo DiCaprio, Madonna Call for Action on Amazon Wildfires

    As wildfires rage at an alarming rate in Brazil’s Amazon rain forest, celebrities are using their platforms to bring awareness to the deforestation’s impact and to call for action. In the past week, stars like Leonardo DiCaprio, Madonna, Cara Delevingne and Ariana Grande have taken to Instagram to express their frustration with the lack of [...]

  • 'The Durrells' TV Show

    Greece Sweetens Production Incentives as Struggling Country's Economy Rebounds

    It’s taken the better part of a decade for Greece to show signs of recovery from the crippling crisis that almost pushed it out of the Eurozone. Now, with the economy slowly on the mend, the government is doubling down on efforts to jump-start the local film industry, giving a dramatic overhaul to the incentive [...]

  • Warner Music Group Partners With Audiomack

    Warner Music Group Partners With Audiomack

    Warner Music Group announced it has entered a partnership with the music streaming and discovery service Audiomack, marking the platform’s first licensing deal with a major label. According to the announcement, the two companies will work together on content concepts and explore ways to break emerging artists, connecting music fans with rising talent before they [...]

  • Scooter Braun Congratulates Taylor Swift on

    Scooter Braun Congratulates Taylor Swift on ‘Brilliant’ Album and Campaign

    Two days after Taylor Swift fired off the latest salvo in her battle with Scooter Braun, the manager congratulated the singer on the campaign around her “brilliant” new album, “Lover,” which arrived last night. The message came after Swift said she will be re-recording songs from her first six albums, which are now owned by [...]

  • David Koch Obit

    David Koch, Libertarian Activist and Billionaire Philanthropist, Dies at 79

    David Koch, brother of Charles Koch and one of the owners of Koch Industries, the second-largest private company in the U.S., has died at 79. According to the New York Times, Charles Koch announced the news of his brother’s death in a statement. Though he did not attribute to David’s death to a particular cause, [...]

  • Beverly Hills Realtor Accused of Stealing

    Beverly Hills Realtor Accused of Stealing From Usher, Adam Lambert

    A Beverly Hills real estate agent has been arrested on charges of stealing from the homes of celebrities, including Usher, Adam Lambert and “Real Housewives” star Dorit Kemsley. Jason Emil Yaselli, 32, is accused of encouraging an accomplice, Benjamin Ackerman, to enter homes during open houses in order to steal from them. Ackerman allegedly sold [...]

More From Our Brands

Access exclusive content