China Net Finance, January 12th, today, according to the official Premier LeagueWeiboAccording to the report, “The High Court has today ruled on the arrears of the former Chinese broadcaster PPTV, and the Premier League will start to defend itself.contractrights and interests. The Premier League will now open a recovery process for PPTV’s arrears and costs incurred. “
According to the judgment, PPTV needs to compensate 213 million US dollars, equivalent to about 1.356 billion yuan.
According to public information, in 2019, PPTV won the exclusive broadcast rights of the Premier League in China for the three seasons of 2019-2022 for 523 million pounds. Previously, British media reported that PPTV had owed the Premier League about 160 million pounds of broadcast fees for nearly six months, and the Premier League was considering terminating the contract with PPTV.
Earlier, according to foreign media reports, the Chinese Premier League’s sky-high copyright bubble triggered by the new crown epidemic may burst as a result. The two parties originally agreed to pay 80% of the total copyright amount for all three years (about £400 million) in March 2020. However, due to the epidemic, the fee that should have been paid in March was stranded. When the actual start of the Premier League’s three-year copyright period was less than 20% of the schedule, PPTV paid 50% of the fee. And this is becoming a point of disagreement between the two sides.
Subsequently, PPTV also passed the officialWeiboIt issued a statement saying that it terminated its cooperation with the Premier League and pointed out that it had overpaid the copyright period fee in accordance with the agreement. PPTV said that it has differences with the Premier League on the value of copyrights and has failed to reach an agreement with the Premier League. Although PP Sports has overpaid to the Premier League for the copyright period in accordance with the agreement, PPTV will still terminate its cooperation with the Premier League. Its strategic development direction will not change, and the copyright strategy adjustment is a normal adjustment based on objective facts and strategic considerations.
The Tianyancha App shows that the PPTV main company Shanghai Juli Media Technology Co., Ltd.shareholderIn the information, Suning Cultural Investment Management Co., Ltd. holds 99% of the shares. On October 28, 2013, Suning and Lenovo’s Hony Capital acquired PPTV for US$420 million. Hony Capital withdrew in 2018, and Suning became the major shareholder of PPTV.
according toSuning Online MarketThe 2020 annual report shows that its total liabilities have reached 135.2 billion yuan, and its liquid assets are only 107.4 billion yuan. There is a gap of nearly 30 billion yuan that needs to be moved by selling fixed assets and equity.
(Article source: CDC Finance)
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