German media giant ProSiebenSat.1 has pulled the potential sale of production and distribution arm Red Arrow Studios amid what it has termed a “coronavirus crisis environment”.
German media giant ProSiebenSat.1 has pulled the potential sale of production and distribution arm Red Arrow Studios amid what it has termed a “coronavirus crisis environment,” TBI has informed.
The German company triggered a strategic review of Red Arrow in September, prompting a number of companies, including Sony Pictures Television, AMC and All3Media, to take a look at acquiring the company, with private equity firms also linked.
All3Media was the leading contender and is understood to have been close to finalising a deal as recently as last week. However, the Liberty Global and Discovery-backed company pulled out of the running and ProSieben has now ended its strategic review process, determining it will retain Red Arrow in the long term.
“We have now closed the process for the strategic review of Red Arrow Studios as various options we were evaluating are no longer viable in a coronavirus crisis environment. We strongly believe in the business, which posted a record 2019. ‘Love Is Blind’ is the smash hit on Netflix to name just one of our great line up. We have a great team. And we are all in and will remain so,” a ProSieben spokeperson told TBI.
It is understood that the German operator does not plan to instigate another strategic review or explore a potential sale of Red Arrow in the foreseeable future and has, as per its statement, committed to the company long-term.