Carlyle and Bain are preparing binding bids for a 10%-20% minority stake in the company holding Serie A’s international media rights, according to three sources familiar with the matter. Oaktree, owner of Serie A reigning champions Inter Milan, and Italian private equity firm Nextalia are also expected to participate. The venture includes overseas betting and sponsorship operations, generates around €200 million in core earnings and could be valued at €3 billion to €4 billion. Serie A’s adviser JP Morgan began approaching private equity funds earlier this year. The league previously explored selling a stake in its domestic media business in 2021, but the plan failed after its 20 clubs did not reach the required approval threshold. Any transaction would need backing from at least 14 clubs. Serie A has faced weaker overseas media-rights demand as broadcasters contend with a crowded fixture schedule, the expanded UEFA Champions League and the popularity of England’s Premier League.