On 24 July 2024, NBA signed a new US$ 76 billion 11-year broadcasting deal with Disney, Comcast and Amazon, starting from 2025/26. That is 160% higher than the current fees per season.

In some ways, this is good news for China Merchants China Direct Investements (CMCDI, 133 HK), which owns 1% stake in NBA China.

NBA owns 90% stake in NBA China, ESPN owns 5%, and the rest is owned by Chinese companies including CMCDI.

The deal shows how valuable the NBA brand has become globally.

NBA China is CMCDI’s third largest investment. As at 30 June 2024, it accounts for 6.3% of CMCDI’s total assets.

CMCDI marks its 1% stake in NBA China at US$ 49m, implying valuation of US$ 4.9bn. While we don’t know how CMCDI does that, ESPN, which owns 5% in NBA China, valued NBA China at US$ 5 billion in 2022.

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 2024年7月24日,NBA与迪士尼(Disney)、康卡斯特(Comcast)和亚马逊(Amazon)签署了一项新的价值760亿美元的转播协议,从2025/26赛季开始为期11年,这比当前每个赛季的费用高出160%。

在一定程度上,这对招商局中国基金(中国基金,133 HK)来说是个好消息。中国基金拥有NBA中国1%的股份。

NBA拥有NBA中国90%的股份,ESPN拥有5%,其余股份由包括中国基金在内的中国公司拥有。

这项协议显示了NBA品牌在全球范围的巨大价值。

NBA中国是中国基金的第三大投资。截至2024年6月30日,它占中国基金总资产的6.3%。

中国基金对其在NBA中国的1%股份估值为4,900万美元,隐含估值为49亿美元。虽然我们不知道中国基金是如何做到的,但ESPN在2022年将其在NBA中国的5%股份估值为50亿美元。

欢迎随时跟我们沟通。

💬 微信: ASM_Argyle

💬 WhatsApp: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com

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