Wanda Sports Sells Ironman To Advance Publications
China-based Wanda Sports Group has completed a deal to "sell its Ironman triathlon business to Advance Publications Inc., owner of the media company Conde Nast," according to Baker & Ahmed of BLOOMBERG NEWS. Sources said that the transaction "could value Ironman at more than" $700M. Wanda Sports last month said that it was "engaging in discussions on a potential sale of its Ironman business." Baker & Ahmed noted privately controlled Advance "has been looking to diversify its holdings away from advertising." It currently is a large shareholder in Charter Communications, Discovery and Reddit (BLOOMBERG NEWS, 3/25). Advance also is the parent company of Sports Business Daily/Sports Business Journal.