ProSiebenSat.1 sells US company Red Arrow Studios – dpa

IIn the context of its focus on local content, media group ProSiebenSat.1 is decoupling from the US business of its production subsidiary Red Arrow Studios. For about US$200 million (roughly €194 million), the part will go to newly founded Hollywood magnate Peter Chernin, The North Road, the company listed on MDax on Wednesday in Unterföhring near Munich. The deal has already been approved by the responsible antitrust authorities.

However, the European production business remains “an important part of the entertainment business and the company’s strategy,” the company emphasized. In addition to our German companies, this production business includes our holdings in countries such as Denmark and Great Britain. According to the announcement, CEO Rainer Bojian said it makes sense, then, to keep these companies in the group.

Red Arrow Studios is best known for productions like “Love is Blind” on Netflix or “The Weekly” on Hulu. In Germany, works such as “Germany’s Next Top Model” or “Taste” are known. The television group has long focused on the production of local content.

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