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German media group ProSiebenSat.1 is doubling down on entertainment and eyeing acquisitions as it puts streaming service Joyn at the center of its business.
A statement released this morning outlined ProSieben’s future strategic focus to address “the technological challenges posed by the market environment and changing media landscape”, with the acquisition playing a central role in the plan.
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ProSieben’s entertainment division operates several terrestrial networks that broadcast programs such as masked singer germany and future supermodel, and is now the sole owner of streaming service Joyn. It also operates the Dating & Video and Business & Venture Capital segments.
According to ProSiebenSat.1 Media CEO Bert Habets, the network “has everything it needs to reach millions of people every day,” noting: “The focus of our investments going forward will be on our entertainment business.”
The company, which regularly “reviews acquisition opportunities,” also plans to put more cash into its newsroom, local shows and “work more closely” with creators to gain access to more platforms.
Streaming service Joyn will be at the center of ProSieben’s digital entertainment strategy and will become Europe’s “German-speaking family entertainment and lifestyle brand”, according to Habets. “To this end, ProSiebenSat.1 also enhances Joyn’s aggregator approach,” he adds.
While it’s not exciting for a major European entertainment company to invest in a content and production company, ProSieben has been quiet on acquisitions.In fact, it is more focused on shopping assets, especially Sell In July 2022, its US production operation was sold to The North Road Company for $200 million.
Last November, the broadcaster recombine Its production operations are under the Seven.One Studios banner, which bundles companies in Germany, the US, Denmark and Israel, as well as sales arm Red Arrow Studios International.
The company is holding a press conference this morning, at which time more details are likely to be revealed.
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