China's Everbright Securities and Beijing Baofeng Technology teamed up to buy a controlling stake in Italian media rights company MP & Silva in a deal that values the company at 1 billion US dollars, Reuters reported, citing MPS Chief Executive Marco Auletta.

MPS maintains offices in Singapore and London and has an annual turnover of 600 million dollars, distributing media rights on behalf of sports federations and clubs, including Italy's Serie A soccer league.

Everbright and Beijing Baofeng acquired the stake through an investment vehicle, Reuters said.

To contact the reporter: chris@mail.chinadailyuk.com