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RTL Group to Acquire Sky Deutschland for €150 Million With Up to €377 Million Earn-Out

The purchase expands RTL’s reach to 11.5 million subscribers across German-speaking Europe by merging Sky’s sports rights with RTL’s entertainment brands to bolster its bid against global streaming rivals.

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Mary & George, a British period drama that was first shown on Sky last year

Overview

  • RTL Group agreed to acquire Comcast-owned Sky Deutschland for €150 million upfront, with an earn-out of up to €377 million if RTL’s share price exceeds €41 within five years.
  • The acquisition is subject to regulatory approval expected in 2026, during which Sky Deutschland and RTL Group will continue to operate separately.
  • The combined entity will serve roughly 11.5 million subscribers across Germany, Austria and Switzerland by integrating Sky’s premium sports rights with RTL’s entertainment and news offerings.
  • RTL Group projects annual cost synergies of €250 million within three years through consolidated marketing, content and technology operations.
  • On the same day, regulators approved RTL’s €1.1 billion sale of RTL Nederland to DPG Media, with the deal slated to close July 1 and establishing a strategic partnership on technology and advertising sales.