Hong Kong-based Culturecom Holdings has agreed to acquire Super Sports Media Inc. for up to HK$3.88B ($500M). Super Sports "has exclusive rights to broadcast and distribute live football matches of the English Premier League in mainland China and Macau" until the end of the '18-19 season. Culturecom will pay HK$2.54B ($330M) in cash to the sellers, "and the rest through issuance of convertible notes with an initial conversion price" of HK$1 per share, or 34.2% discount to the last closing price (DEAL STREET ASIA, 5/10).
Cut-throat competition in France’s telecom sector hit SFR, "causing it to report a marked drop in revenues during the first quarter and weaker than expected profits." The country’s "second-biggest operator by mobile subscriptions" said that declines in its business to consumer division "dragged first-quarter revenues down" to €2.57B ($2.94B), 6.1% below the figure for a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization were €851M ($972M), 9% lower than the same period last year and below the €878M ($1B) that analysts had expected (FINANCIAL TIMES, 5/11).
