Chinese group buys 65 pct of sports rights firm MP & Silva

(Recasts lead, adds detail, company comments) By Elvira Pollina MILAN, May 24 (Reuters) - A Chinese group has bought a 65 percent stake in Italian-owned sports media rights group MP & Silva (MPS), according to a statement on Tuesday from Beijing Baofeng Technology Co Ltd, which is one of the investors. Reuters had earlier reported, citing a source familiar with the matter, that China Everbright and Beijing Baofeng were set to take a stake of around 60 percent in MPS, valuing the company at just over $1 billion. Its main shareholders, Italian businessmen Andrea Radrizzani and Riccardo Silva, own an overall 80 percent of the company.