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Avenue Capital emerges as frontrunner for stake in Serie A media rights venture, sources say

Published by Global Banking & Finance Review

Posted on October 16, 2026

3 min read

· Last updated: October 16, 2026

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Avenue Capital Tops Bidding for Serie A International Media Rights Stake

Private Equity Interest in Serie A Media Rights

By Elvira Pollina

Avenue Capital Emerges as Leading Bidder

MILAN, Oct 16 (Reuters) - Private equity firm Avenue Capital has emerged as the leading bidder for a minority stake in the company that will hold the international media rights of Italy's top soccer league Serie A, two people with knowledge of the matter told Reuters.

Serie A is exploring the sale of a stake in a company that will hold its international broadcasting, sponsorship and betting rights and last month it received final bids from private equity firms.

Initial Review of Bids

Serie A clubs met on Friday for an initial review of the bids, the two people said.

Details of Avenue Capital's Offer

New York-based Avenue Capital is targeting a stake of 10% in the media company for €320 million, the people said, which would put the overall valuation of the venture at €3.2 billion.

Comparison with Rival Bidders

Avenue is in the lead despite the fact that some rival bidders have offered to pay more because its offer is structured as a common equity investment, without the protections on future cash flows sought by some of the competitors, one of the two people said.

The person added that Carlyle and Nextalia, which teamed up to submit a joint bid, had offered around €650 million for a stake of roughly 17%, valuing the venture at about €3.75 billion.

Next Steps and Club Approval

The Avenue Capital offer will be examined more closely in the coming weeks by the clubs, the people said, cautioning that there is no final decision on the matter.

Avenue Capital and Serie A declined to comment. Carlyle and Nextalia were not immediately available to comment. 

Any deal requires the backing of at least 14 of the league's 20 clubs.

Challenges Facing Serie A's International Media Rights

Home ⁠to Inter Milan, AC Milan and Juventus, the Italian league has been struggling in recent years to sell its media rights abroad, as broadcasters' interest ​dwindled due to a crowded fixture list dominated by the expanded UEFA ​Champions League and ⁠the popularity of England's Premier League.

Revenue Comparison with Other Leagues

The Serie A international media unit generates sales of around €250 million a year, a fraction of those yielded by Premier League and Spain's LaLiga, according to data from ⁠European soccer ​body UEFA.

(Reporting by Elvira Pollina; Editing by Valentina Za)

Key Takeaways

  • Avenue Capital leads with a clean common‑equity bid, avoiding cash‑flow protections that deter rivals.
  • Carlyle and Nextalia’s higher bid values the venture more but comes with deal complexity.
  • Any deal needs approval of at least 14 of Serie A’s 20 clubs before proceeding.

Frequently Asked Questions

Who is leading the bid for Serie A's international media rights stake?
Avenue Capital has emerged as the leading bidder for a minority stake in Serie A's international media rights venture.
How much is Avenue Capital offering for the stake?
Avenue Capital is offering €320 million for a 10% stake, valuing the venture at €3.2 billion.
What are the competing bids for the Serie A media rights company?
Carlyle and Nextalia submitted a joint bid of around €650 million for a 17% stake, valuing the venture at about €3.75 billion.
Why is Avenue Capital's offer considered favorable?
Avenue Capital’s offer is structured as a common equity investment, lacking future cash flow protections demanded by other bidders.
How much annual revenue does Serie A's international media unit generate?
Serie A's international media unit generates around €250 million in sales each year.

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