Avenue Capital emerges as frontrunner for stake in Serie A media rights venture, sources say

Targets 10% stake for €320 million as common equity, sources say Offer emerged as best option at Friday's meeting, sources say Rival bid pegs higher valuation under structured equity deal, sources say Bids to examined further in coming weeks, sources say By Elvira Pollina MILAN, Oct 16 (Reuters) — Private equity firm Avenue Capital has emerged as the leading bidder for a minority stake in the company that will hold the international media rights of Italy's top soccer league Serie A, two people with knowledge of the matter told Reuters. Serie A is exploring the sale of a stake in a company that will hold its international broadcasting, sponsorship and betting rights and last month it received final bids from private equity firms. Serie A clubs met on Friday for an initial review of the bids, the two people said. New York-based Avenue Capital is targeting a stake of 10% in the media company for €320 million, the people said, which would put the overall valuation of the venture at €3.2 billion. Avenue is in the lead despite the fact that some rival bidders have offered to pay more because its offer is structured as a common equity investment, without the protections on future cash flo