China’s Wanda Buys Swiss Sports Marketer Infront for USD 1.2 Billion

by swisscham in Business

Chinese real estate giant Wanda Group said Tuesday it’s buying Swiss sports marketing company Infront Sports & Media for EUR 1.05 billion (USD 1.2 billion). Wanda said the acquisition of Infront, which is the latest addition to its stable of entertainment and leisure businesses, will help support China’s efforts in bidding for major sports events. “This acquisition of Infront will significantly increase the future impact of the Wanda Group in the culture and entertainment industry,” said founder and chairman Wang Jianlin, a billionaire who is one of China’s richest people. The deal “will also drive the development of Chinese sports industry and its interest around the globe,” he said. Infront’s businesses include producing the World Cup television broadcasts for FIFA through its subsidiary HBS. Infront’s president and CEO is Philippe Blatter, whose uncle Sepp Blatter is the soccer federation’s president.

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