Two years after Sky’s ‘content bombshell,’ RTL seals the deal in Munich
By Irina Ignatiew-Lemke
27-06-2025
Sky Deutschland has been offloaded to RTL Deutschland, two years after shuttering its originals division, and is looking at €250m in targeted synergies within three years. Here’s a look at the details of the deal.
Two years ago, at the Munich Film Festival, Sky Deutschland sent shockwaves through the industry – or perhaps more accurately, dropped a content bombshell – by announcing it would shutter its scripted originals division.
The move, which included abruptly cancelling a major slate-launch event and parting ways with its freshly hired originals team, left producers, creatives and agents reeling. C21 covered the story here.
Since that dramatic pivot, speculation around a possible sale of the German arm of European pay TV provider Sky has ebbed and flowed – from feverish at first to eerily silent as the company doubled down on its core strengths: Bundesliga football rights, other premium sports and broad entertainment offerings.
But in a twist that’s once again turned Munich’s festival chatter into headline news, Sky Deutschland’s future has taken a decisive turn, as reported by C21 first thing this morning.
RTL Deutschland announced that it will acquire Sky Deutschland’s operations in Germany, Austria, Switzerland, Luxembourg, Liechtenstein and South Tyrol. The deal, inked with Sky’s parent company Comcast in the US, includes €150m (US$176m) upfront, plus a potential €377m earn-out linked to RTL Group’s share price performance.
RTL will take over rights to the Bundesliga, whose top stars include England forward Harry Kane
Werner100359 via CC
Together, RTL+, Sky Deutschland and the latter’s streaming service WOW will serve around 11.5 million paying subscribers, securing RTL Deutschland the number-three position in the German streaming market behind US-based market leaders Netflix (with an estimated 16.5 million subscribers) and Amazon Prime Video (estimated 15 million), but ahead of Disney+ (estimated 4.6 million).
Stephan Schmitter, RTL Deutschland’s CEO, announced the deal via LinkedIn, describing it as a “unique opportunity” to unite two major European media brands and build a platform spanning free to air, pay TV and streaming. “With this step, we are laying the foundation for something big,” he said, promising “more sport, more entertainment, more information and even more choice – all from a single source.”
He added: “From our successful partnership with Sky, we know the excellent team in Munich, which shares our culture and our goal of offering our audience the best content around the clock: now for even more perfectly complementary target groups.”
Sky Deutschland CEO Barny Mills, speaking to financial news site MarketScreener, called the RTL Deutschland deal “an exciting new chapter” promising “an unmatched experience” for audiences across the region.
Let’s explore the numbers behind the move:
• €4.6bn pro forma annual revenue for RTL Deutschland and Sky Deutschland combined, based on 2024 figures
• Approximately 45% of the total combined revenue coming from subscriptions
• €250m in targeted synergies within three years
• €2.5bn annual content investment
Sky Deutschland’s premium sports rights portfolio includes Bundesliga, 2. Bundesliga, DFB-Pokal, English Premier League, Formula 1 plus UEFA competitions. Regulatory approvals for the takeover are expected by 2026
In terms of competitive positioning, this deal marks one of the most significant consolidation moves in European media in recent years, creating a regional champion positioned to counterbalance US streamers like Netflix, Prime Video and Disney+. RTL Deutschland’s scaled-up portfolio aims to compete not only on content but on technology and distribution in an increasingly globalised market.
