- ProSiebenSat.1 looks to sell Red Arrow Studios
- Seeking partnerships and investors to file interest by 13 September
- Its domestic production and digital operations are exempt from the review
German media giant ProSiebenSat.1 is undergoing a strategic review with reports pointing to a sale or industry partnership for its international production business Red Arrow.
According to German press, DWDL.de reported ProSiebenSat.1 is “considering all options” for its international production and distribution operation Red Arrow Studios, including selling off the unit.
Red Arrow Studios comprises of 20 production companies which span Europe and the US and make dramas including Amazon’s Bosch and unscripted series Married at First Sight.
It also has a sales arm that is a recurrent presence at Mipcom and the major TV markets.
The media giant has brought in investment bank Morgan Stanley to handle the process while it seeks investors and partners, who have until 13 September to express interest.
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In the event of a sale, ProSiebenSat.1 will reportedly look to keep Germany’s Next Top Model prodco Redseven Entertainment as well as multichannel network Studio71, which spans six territories and whose backers include France’s TF1 Group and Spain’s Mediaset, within its portfolio.
There has been speculation for more than a year that ProSiebenSat.1 was looking to sell Red Arrow, and according to DWDL, it now seeking “full divestiture” of the business.
Variety reported that ProSiebenSat.1 is not committing to a complete sale of Red Arrow but is open to various outcomes.
According to ProSiebenSat.1 the unit’s domestic production business and the digital operation are not part of the new review process as it had previously conducted an earlier strategic review to decide the company’s direction, where the executive team ruled out a full disposal of Red Arrow Studios.
That strategy has changed under Max Conze, who joined as chief executive last year, while James Baker stepped up to chief executive at Red Arrow Studios in 2018, amid a period of staff turnover at the producer-distributor.
Earlier this year, former Sky and Current TV executive Baker took over as president of the business, while Red Arrow Studios International president Henrik Pabst took on a newly created senior executive position within ProSiebenSat.1’s entertainment division.
Earlier this year, ProSieben and Discovery along with 15 other content partners launched a multi-channel streaming platform called Joyn which will bundle live and on-demand content of more than 50 channels in one platform and app interface.
- Read more: ProSieben and Discovery unveil SVOD service
Claiming to be the most “extensive on-demand offering” of original series, shows, previews and local content.
Exclusive content will be available on Joyn seven days ahead of its scheduled TV broadcast and 30 days after on its catch-up feature which is available on smartphones, tablets, web and smart TVs.