ProSiebenSat.1 has agreed to purchase Warner Bros. Discovery out of their joint-venture streaming platform Joyn. “By acquiring all shares in Joyn, we are continuing the digital transformation of ProSiebenSat.1 Group," Rainer Beaujean, group CEO of ProSiebenSat.1 Media SE, said. "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."
The companies currently operate an equally divided share of AVOD, which was established with Discovery in 2017, and began operating under the name Joyn since 2019, but ProSiebenSat.1 will now acquire the other half of the business. Warner Bros. Discovery has committed to fully transfer its shares in Joyn to ProSiebenSat.1’s Media SE’s Entertainment segment as a fully owned subsidiary. The financial terms of the agreement were not disclosed.
According to ProSiebenSat.1, the move fulfills plans to make the streamer “an integral part of its value chain."” The streamer currently averages around four million individual users per month. In addition to content from ProSiebenSat.1 and other content partners, Joyn users can also enjoy access to free, advertising-supported content from Warner Bros. Discovery. Users of the Joyn PLUS+ subscription offer can also obtain access to Discovery+ for one year.
Earlier this year, the company discontinued all the individual stations’ apps and made Joyn the single point of contact for ProSiebenSat.1 content on connected TVs, smartphones and all other devices. “In line with our strategy, we are extending our reach, especially among young target groups, and creating new opportunities for monetization," Beaujean said. "Full control over Joyn gives us the entrepreneurial flexibility we need.”
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.” Rainer Beaujean Group CEO of ProSiebenSat.1 Media SE