SINGAPORE - Sports media company MP & Silva announced on Tuesday (May 24) an agreement to partner financial services company Everbright Securities, and internet entertainment and technology company Beijing Baofeng Technology.
Everbright and Baofeng have acquired a 65 per cent equity investment in MP & Silva, through an investment from Shanghai Jinxin Investment Advisory Partnership, a fund the two Chinese companies established.
Through the partnership, Baofeng and MP & Silva will cooperate on management of sports media rights, as well as sponsorships and consulting services. The latter will have access to technology like virtual reality and Internet-based services.
In the press release, Baofeng's chief executive officer Larry Feng said: "MP & Silva is a well-known player in the market and enjoys long-standing partnerships with some of the most important rights-holders and broadcasters and other content distributors.
"We are perfectly positioned to support the existing growth plans and help the management team achieve greater success."
MP & Silva shareholders said: "We are excited at the opportunity to use our partners' innovative technologies to enhance the delivery of some of the most popular sports events in the world, and benefit from their presence in China to grow our presence in this key sports market."
Headquartered in London and Singapore, MP & Silva distributes sports programming to more than 200 broadcasters in 215 countries, including events like the upcoming Euro 2016 and Formula One auto racing.
They previously signed a $25 million, six-year deal with the Football Assocciation of Singapore last year, where it covers the global media rights to the national and age-group teams, sponsorship rights and international events for the Lions and national age-group squads.