September 30 2019
September 30 2019
October 02 2019
September 30 2019
October 01 2019
Suning Sports is letting go 30 per cent of its staff to cut costs and has resumed joint-venture talks with conglomerate Alibaba, according to the Chinese industry outlet Lanxiong Sports.
The Suning Group which also owns Italian soccer giants Inter Milan, among other notable assets, has seen the finances of its sports media brand put under pressure due to significant outlay on media rights for the PPTV streaming service.
Now Lanxiong Sports has reported the staff layoff was undertaken as a result of PPTV having laden itself with rights fees of more than US$482 million per year. Its major soccer rights deals include the US$233 million per season fee for the Premier League through to the end of the 2021/22 season, as well as further contracts for the Bundesliga through to 2022/23, the Uefa Champions League to 2020/21 and the Chinese Super League.
Suning Sports staff has since been cut from 550 to 440, with further redundancies a possibility. The dismissals were staggered over June, August and September, the report adds.
According to Lanxiong Sports, talks are now back underway with Suning Sports lowering its asking price for sublicensing its media rights by at least 30 per cent in an effort to strike a deal. This has added to speculation that the Suning redundancies were in preparation for the joint venture, only fuelled by reports Youku has also sacked some of its staff this year.
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