China Sports Media In Sale Talks With Inter Milan Owner Suning

China Sports Media, which paid a record 8B yuan ($1.2B) for broadcast and streaming rights to the Chinese Super League, said that its controlling shareholder "is in talks to sell part or all of its stake" to Inter Milan owner Suning, according to BLOOMBERG. China Sports Media Chair Li Yidong said last week that Suning is negotiating to buy as much as 56% of the company, a stake that could be valued at about 2.8B yuan ($410,000). Closely held China Media Capital, led by media mogul Li Ruigang, "owns the stake under discussion." CMC said that it will "continue to enrich and expand investments in sports," especially football. Suning declined to comment. CSM's Li, who is not related to CMC's CEO, said, "Without the development of football, you can't imagine the sports industry in China can develop." He added that the valuation of CMC’s stake "was based on a recent transaction" that valued CSM at 5B yuan ($740,000) (BLOOMBERG, 6/14).