News
RTL
Group to acquire Sky Deutschland
RTL Group is to acquire Sky Deutschland. The transaction brings together two of the most recognisable media brands in the DACH( Germany, Austria, Switzerland), region, creating a future-ready entertainment business with around 11.5m
paying subscribers.
Together, the business is well-positioned to meet evolving consumer demands
The synergies are estimated to be around € 250 million per annum within three years after closing, creating significant shareholder value.
and compete with global streamers. The transaction combines Sky’ s premium sports rights – including Bundesliga, DFB-Pokal, Premier League and Formula 1 – with RTL’ s leading entertainment and news brands across RTL +, free-to-air and pay TV. It also unites the fastest growing streaming offers in the German market, RTL + and WOW.
The transaction, which has been approved by the Board of Directors of RTL Group, is subject to regulatory clearance.
“ The combination of RTL and Sky is transformational for RTL Group,” declared Thomas Rabe, CEO of RTL Group.“ It will bring together two of the most powerful entertainment and sports brands in Europe and create a unique video proposition across free TV, pay TV and streaming. It will boost our streaming business, with a total of around 11.5 million paying subscribers, further diversify our revenue streams and make us even more attractive for creative talent, rights holders and business partners. The synergies are estimated to be around € 250m per annum within three years after closing, creating significant shareholder value. Together, RTL and Sky will be in an even stronger position to invest in people, content and technology in Germany and in Europe to compete with the global tech and streaming players. I want to recognise the outstanding work of the Sky Deutschland team, whose strong performance over recent years has laid the foundation for this next phase.”
“ Sky Deutschland has made significant progress over the past three years, delivering strong operational performance and reaching a record number of customers,” added Dana Strong, Group CEO at Sky.“ The business is on track to achieve EBITDA breakeven, reflecting the success of our turnaround plan. Combining the strength of our brand with RTL builds on that momentum and opens up even greater opportunities. This deal provides a strong platform for long-term success, and ensures Sky continues to share in the growth of the combined business.”
According to the agreement, RTL Group will fully acquire Sky’ s businesses in Germany, Austria, Switzerland, including customer relationships in Luxembourg, Liechtenstein and South Tyrol on a cash-free and debt-free basis. The purchase price consists of € 150m in cash and a variable consideration linked to RTL Group’ s share price performance. The variable consideration can be triggered by Comcast, Sky’ s parent company, at any time within five years after closing, provided that RTL Group’ s share price exceeds € 41. The variable consideration is capped at € 70 per share or € 377m. RTL Group has the right to settle the variable consideration in RTL Group shares or cash or a combination of both. RTL Group is considering buying treasury shares to be in a position to settle the variable consideration fully or partly in shares.
The combined business will offer a broader and more compelling German-language content portfolio for consumers across the DACH region. Viewers will benefit from expanded access to premium live sports, entertainment and news across RTL +, Sky,
WOW and RTL’ s free-to-air channels. By bringing together the strengths of RTL and Sky, the combined company will be able to compete against global streaming platforms. The transaction is expected to generate € 250m in annual synergies within three years, mostly cost synergies across all categories.
Under a separate trademark licence agreement, RTL will have the right to use the Sky brand in the DACH region( Germany, Austria, Switzerland), Luxembourg, Liechtenstein and South Tyrol. RTL will acquire Sky Deutschland’ s streaming brand‘ WOW’ as part of the transaction.
Barny Mills, Sky Deutschland CEO, will continue to lead the Sky Deutschland business until the transaction is completed. Stephan Schmitter will stay in his current role as CEO of RTL Deutschland until closing of the transaction and then lead the combined company. RTL Deutschland will remain headquartered in Cologne and Sky Deutschland in Munich.
The pro-forma revenue 2024 of the combined company was € 4.6 billion, with approximately 45 % of the total revenue coming from subscription-based revenue. RTL Group’ s pro-forma revenue for 2024 was € 8.2 billion more than 30 % higher than RTL Group’ s reported consolidated revenue for 2024(€ 6.25 billion). The acquisition of Sky Deutschland is the largest transaction for RTL Group since its inception in 2000.
The two businesses will continue to operate independently until regulatory approvals are obtained, which are expected in 2026.
AXA IM eyes Fiberpass stake
AXA Investment Management is understood to be in advanced talks to take a significant minority stake in Fiberpass, the fibre optic broadband joint venture between Telefónica and Vodafone Spain. It is likely to take a stake of about 30 % in Fiberpass.
Fiberpass provides wholesale fibre optic and other connectivity services over fibre technology to Telefónica España and Vodafone Spain in selected areas of Spain.
Telefónica Group owns a majority stake of 63 % of Fiberpass( 38 % through Telefónica España and 25 % through Telefónica Infra), and Vodafone España owns the remaining 37 %.
The company started operations on March 1, 2025, and is fully operational. Fiberpass covers approximately 3.65m building units passed.
8 EUROMEDIA