DDMC, a leading sports & entertainment company based in Wuhan, China, announced in recent days that they had reached a partnership with Jiangsu Suning Sports. This partnership agreement will see these two giants establish a joint venture company to develop the sports media rights market.
It has been reported that this joint venture company will be initially registered with 100 million RMB ($14.7m) of which 45 million RMB ($6.6m) will come from DDMC, 40 million RMB ($5.9m) from Suning Sports and the remaining 15 million RMB ($2.2m) funded by this JV's management team and other shareholders.
According to DDMC’s statement, DDMC have been gradually developing a sports eco-system with various functions, such as sports marketing, sports brokerage, sports stadiums and facilities operation, youth sports training and club operations. However, DDMC stated that they still fall behind in areas of sports events media rights, especially their acquisition, operations and development.
By partnering with Suning Sports, such a giant of sports events media rights, DDMC hope both of them can leverage their advantages in different areas to pursue the number one ranking in the market. It is also expected that both DDMC and Suning Sports can improve their competitiveness and profitability, as well as completing their sports industrial chains.
Source: NetEase
Proofread by Raymond Fitzpatrick