Alibaba and Sunning are partnering for commercial opportunities in sports industry. News website, lanxiong broke this news yesterday.
Alibaba, right now is the biggest e-commerce giant in China. Apart from that, they have various sports assents including sports streaming Youku Sports and Ali Sports. The conglomerate has acquired media right, event operation roles and sponsorship and many others in the past.
Sunning also has various assets under its ownership. They currently have Italian football club Inter Milan, Chinese Football Club Jiangsu Suning, streaming platform PPTV and chain of sports retailers.
The agreement is not finalized yet and other details like names launch date, proportion of each share, executive structure and assents of the joint venture will be made public after that.
Earlier this deal, both the parties came together last year under an agreement that will allow them to explore opportunities in future. After that deal, Alibaba became its second biggest shareholder. The Chinese sports sector can reap the benefit of this joint endeavor the most. Under existing co-operation, PPTV shares some content with Youku, including Chinese domestic football league, Asian Football Confederation, UEFA Champions League, Spanish LaLiga, German Bundesliga and Italian Serie A. Youku and PPTV are the biggest sports streaming platforms in the market right now.
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