Suning raises funds to cash in on sport
Print Edition
SUNING Sports said yesterday it has completed a series of financing led by Alibaba Group and Goldman Sachs as it seeks to cash in on China’s booming sporting industry.
This follows a share-swap between Alibaba and retail conglomerate Suning Commerce Group in 2015. Suning Sports didn't reveal the actual amount of the latest fund raising.
The company is a subsidiary of Suning Commerce Group which owns almost 70 percent stake in Italian soccer club Inter Milan, and has been striving to drive synergies between Suning's core retail business and its video streaming unit PPTV.
Alibaba’s video streaming affiliate Youku Tudou would serve as a platform for content collaboration after the financing deal.
Sunday’s FIFA World Cup fiinal between France and Croatia drew 24 million viewers to Youku, which attracted 180 million viewers during the series.
PPTV will focus on the streaming of professional sports events and Youku wil leverage its expertize in sports entertainment.
Suning Sports vice president Mi Xin said the two parties would complement each, combining online and offline resources in line with their collaboration of the past few years.
President of Alibaba’s media and entertainment business group Yang Weidong said the partnership seeks to dive further convergence through collaboration on sporting events. The central government aims to build a sports industry worth 5 trillion yuan (US$813 billion) by 2025, and online platforms have been vital in driving fan engagement.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
