The sale by ProSiebenSat.1 of its US production company, Red Arrow Studios, is back on. It was delayed in December 2019 after questions were raised over its valuation.

A note from investment bank Exane/BNPP says that All3Media is again the main contender to buy the business. December valuation was reportedly about €325 million.

The bank says: “We view the announcement of the deal being back on as a small positive particularly as deal-making in production can be challenging as recent failed or delayed deals testify. For example it took Endemol Shine multiple attempts to sell and also the Lagardère Studios sale has been delayed for a while now. With Red Arrow US being relatively IP light we view a partnership option as a good solution in case ProSieben fails to seal a deal at an attractive valuation.”

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