RTL Group, the international commercial broadcasting giant, has finalized its acquisition of heavyweight German pay-TV broadcaster Sky Deutschland.
The deal, which brings together two of Europe's most significant media and broadcasting operations, was unveiled as having been completed this morning.
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RTL has paid an "upfront cash consideration" of €68 million ($79.2 million) to Sky Deutschland's owner up to this point, US heavyweight media entity Comcast.
RTL, owned by Bertelsmann, now controls and owns Sky's broadcasting operations across the entire DACH region – Germany, Austria, Switzerland, Luxembourg, Liechtenstein, and South Tyrol.
The acquisition was first unveiled last June, with the price at that point given as approximately €150 million.
RTL has said the difference between that valuation and the actual price paid reflects "customary net working capital and debt-like item adjustments … consistent with the cash-free and debt-free basis of the transaction."
Under RTL’s acquisition, Sky's premium sports rights stable – which includes domestic top-tier Bundesliga soccer, English soccer's Premier League, and motor racing’s Formula 1 – will be merged with RTL's entertainment and news brands. RTL will also use the Sky brand.
The purchase represents the largest transaction for the RTL Group since its inception in 2000.
In 2021, RTL Group sold its RTL Belgium division to domestic media companies DPG Media and Groupe Rosse for €250 million.
RTL, headquartered in Luxembourg, has said that the deal "underscores RTL Group’s strategic focus on in-country combinations in Europe to strengthen local media players and enhance their ability to compete with global streaming platforms."
In addition to the upfront €68 million sum, Sky can trigger additional payment at any point within five years of the deal closing if RTL Group's share price exceeds €36.26.
