Being Baofeng Technology (Chinese: 暴风科技) and financial services firm Everbright Securities (Chinese: 光大证券) have announced that they have acquired a majority stake in MP & Silva, an Italian-owned media rights agency.

Shanghai Jin Xin Fund (Chinese:上海浸鑫), as part of Baofeng and Everbright’s partnership, has acquired a 65 per cent stake in the world’s leading media rights group. According to the Financial Times, this deal is worth more than US$1 billion.

Beijing Baofeng Technology Co Ltd is an Internet video company that develops and operates a series of software products which include the 'storm' PC, 'storm wireless' application (APP) and  'BFVCenter' video browser.

As Baofeng CEO 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, broadcasters and other content distributors. We are perfectly positioned to support the existing growth plans and help the management team achieve greater success.”

Xue Feng, CEO of Everbright Securities is looking forward to their future business. He said, “We hope to seize the unprecedented opportunities brought about by the rapid development of the sports industry in China together with our partners, Beijing Baofeng and MP&Silva.”

MP & Silva Shareholders also welcome this important partnership: “Baofeng and Everbright will help us to develop our business and strengthen further our global footprint.”

MP & Silva is a media rights company that owns, manages and distributes sports media rights. The company's portfolio includes international sports content of mainly football, tennis and motor sports TV rights.

Source: Baofeng Technology, Financial Times & Around the Rings

Proofread by Sean O Diobhilin