Germany’s ProSiebenSat.1 Group is to acquire the remaining 50% of the shares in local streaming platform Joyn, owned by Warner Bros. Discovery.
The deal means that ProSiebenSat.1 now fully controls the German AVOD streamer, which has four million unique users per month.
The joint venture was established by ProSiebenSat.1 with Discovery in 2017 and has been operating under the name Joyn since 2019.
Joyn will be transferred to ProSiebenSat.1 Media SE’s Entertainment segment as a wholly owned subsidiary.
Read more: In conversation with Warner Bros. Discovery
ProSiebenSat.1 said that Joyn would sit at the centre of its digital entertainment presence.
In addition to content from ProSiebenSat.1 and other content partners, Joyn users will continue to have on-demand access to free, advertising-financed content from Warner Bros. Discovery.
Users of the Joyn PLUS+ subscription offer can also obtain access to Discovery+, which entitles them to use the streaming service for twelve months. Antitrust clearance is expected from 1 October, 2022.
Rainer Beaujean, Group CEO of ProSiebenSat.1 Media SE: “By acquiring all shares in Joyn, we are continuing the digital transformation of ProSiebenSat.1 Group. With Joyn having launched as a pure streaming platform three years ago, we are now making it the first point of contact in our digital ecosystem and thereby benefiting from synergies within the Group. In line with our strategy, we are extending our reach, especially among young target groups, and creating new opportunities for monetization. Full control over Joyn gives us the entrepreneurial flexibility we need.”
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