A person familiar with the matter said that Chinese property and investment firm Dalian Wanda Group "is in exclusive talks to acquire World Triathlon Corp, the U.S. owner of the popular Ironman Triathlon franchise, for more than $850 million," according to Liana Baker of REUTERS.
The potential deal "underscores China's increasing appetite for U.S. media assets." Live events and sports brands "are some of the most attractive and fast-growing areas of the media industry." The person said that
Dalian Wanda "outbid other potential buyers for Ironman and is now in negotiations to finalize a deal." The person added that there is no certainty that Dalian Wanda "will manage to finalize a deal." A spokesperson for Providence "declined to comment, while representatives for Dalian Wanda and Ironman did not immediately respond to a request for comment." The company "generates revenue from selling licensing for merchandise and is also paid through entry fees, sponsorships and global TV rights." Sources previously said that
World Triathlon Corp. "has annual earnings before interest, tax, depreciation and amortization" of more than $50M (REUTERS, 8/6).
