RTL Group is set to acquire Sky Deutschland in a deal initially valued at €150 million, creating one of Europe’s largest audiovisual media companies with a combined subscriber base of approximately 11.5 million. The transaction, subject to regulatory approval, represents the Luxembourg-based group’s most significant acquisition since its formation in 2000.

The move follows RTL’s recent success in securing key Bundesliga broadcasting rights, bolstering its position in the competitive sports media landscape. With this acquisition, RTL will absorb Sky Deutschland’s portfolio of premium sports content – including rights to the Bundesliga, Premier League and Formula 1 – alongside its strong offer of scripted series, films, children’s programming and documentaries.

Sky Deutschland currently operates across Germany, Austria and Switzerland, with additional reach in Luxembourg, Liechtenstein and South Tyrol. It will now be integrated into RTL’s extensive broadcast and digital media network, which includes 60 television channels, seven streaming platforms and 37 radio stations across Europe.

“This merger brings together two of the most powerful entertainment and sports brands in Europe and creates a unique video proposition across free TV, pay TV and streaming,” commented Thomas Rabe, CEO of RTL Group. “Together, RTL and Sky will be in an even stronger position to invest in people, content and technology in Germany and in Europe in order to compete with global tech and streaming players.”

As part of the agreement, RTL will continue to operate under the Sky brand. Executives expect Sky Deutschland to break even this year, while the merged company projects up to €250 million in annual savings on content, marketing and tech within three years.

In addition to the upfront payment, the deal includes a conditional earn-out clause: if RTL Group’s share price exceeds €41 within five years, Sky could receive up to €70 per share, capped at €377 million. At the time of the announcement, RTL shares were trading at €31.65.

The transaction is expected to be finalised in 2026, pending antitrust and regulatory approvals.