China's Baofeng says investment group has bought 65 percent of MP & Silva

SHANGHAI (Reuters) - A Chinese investment group has bought a 65 percent stake in Italy-owned sports media rights group MP & Silva, one of the investors Beijing Baofeng Technology Co Ltd <300431.SZ> said in a filing on Tuesday. Reuters earlier reported, citing a source familiar with the matter, that China Everbright <0165.HK> and Beijing Baofeng were set to buy around a 60 percent stake in MP & Silva, valuing the company at just over $1 billion (686 million pounds). (Reporting by Adam Jourdan; Editing by Jacqueline Wong)