Overview

• RTL Group signed a binding agreement on June 27 to buy Sky Deutschland’s operations in Germany, Austria, Switzerland, Luxembourg and South Tyrol from Comcast
• The deal commits €150 million in upfront cash and includes a performance-based earn-out of up to €377 million tied to RTL’s share price over the next five years
• The combined entity will serve about 11.5 million subscribers across linear TV and streaming platforms when the transaction closes in 2026
• Stephan Schmitter, CEO of RTL Deutschland, is slated to lead the merged company once competition and media regulators grant their approval
• RTL forecasts roughly €250 million in annual cost synergies within three years as it aims to challenge US rivals such as Netflix and Amazon Prime