RTL Group has reached a landmark agreement to acquire Sky Deutschland, encompassing operations in Germany, Austria, and Switzerland, as well as customer bases in Luxembourg, Liechtenstein, and South Tyrol. The deal is valued at €150 million in initial consideration, with an additional €377 million possible through a variable earnout mechanism linked to RTL’s share price performance.
The acquisition integrates Sky’s premium sports rights—including Bundesliga, DFB‑Pokal, Premier League, and Formula 1—with RTL’s free-to-air and pay-TV offerings, as well as its streaming platforms RTL+ and WOW. The combined company will serve around 11.5 million paying subscribers and is projected to generate pro forma revenues of approximately €4.6 billion in 2024, with nearly 45% of this coming from subscriptions.
Thomas Rabe, CEO of RTL Group, called the acquisition “transformational for RTL Group,” adding that it would “create a unique video proposition across free TV, pay TV and streaming.” He highlighted the deal’s ability to unlock approximately €250 million in annual cost synergies within three years, significantly enhancing shareholder value and improving competitiveness against global tech and streaming players. Rabe also confirmed that the previously discussed merger with ProSiebenSat.1 is definitively “off the table.”
Dana Strong, Group CEO of Sky, said that Sky Deutschland had “made significant progress over the past three years, delivering strong operational performance and reaching a record number of customers.” She added that the transaction “provides a strong platform for long‑term success” and ensures Sky’s continued relevance within a larger growth-oriented entity.
The transaction includes a unique financial structure that allows Comcast, Sky’s parent company, to activate the earnout clause at any time over the next five years, should RTL’s share price exceed €41, with a maximum cap corresponding to a €70 share price. RTL may pay this earnout in cash, shares, or a combination of both and is evaluating treasury share acquisitions as part of its financial strategy.
Sky Deutschland is expected to break even at the EBITDA level by 2025, following an extensive restructuring phase under Dana Strong’s leadership. RTL Group emphasized that this deal is its largest since its formation in 2000. Subject to regulatory approval, the transaction is expected to close in 2026.
The acquisition positions RTL as a dominant European player with unmatched scale in both traditional and digital media. It also fortifies its ability to compete with international streaming and tech platforms by offering a deeply integrated mix of entertainment, sports, and on-demand content tailored for local markets.