EC approves RTL’s Sky Deutschland acquisition
April 23, 2026
By Colin Mann
The RTL Group has welcomed confirmation by the European Commission (EC) that it has unconditionally approved the planned acquisition of Sky Deutschland (DACH). RTL Group and Sky Group/Comcast will now finalise the transaction, which is expected to close on June 1st.
Thomas Rabe, CEO of RTL Group, commented: “We welcome the European Commission’s approval of the acquisition of Sky Deutschland. This is a milestone for RTL Group and will strengthen the competitiveness of European media companies, in line with the European Commission’s goal to reinforce industrial sovereignty. Combining RTL and Sky Deutschland will enhance our ability to invest in content, technology and talent in Germany and across Europe. RTL Group believes that in-country combinations are necessary to compete with global platforms in the long term. The acquisition of Sky Deutschland is a major first step in this direction. We now look forward to working with the Sky Deutschland teams to realise the full potential of the combined business.”
Dana Strong, CEO of Sky Group, added: “We welcome the European Commission’s approval, which marks an important step in this transaction. Sky Deutschland has made significant progress over the past three years, delivering strong operational performance and reaching a record number of customers. Building on that momentum, the combination with RTL creates new opportunities to accelerate growth and strengthen the business for the long term. I would like to thank Barny Mills and the entire Sky Deutschland team for their outstanding work.”
Stephan Schmitter, CEO of RTL Deutschland, will lead the combined company after closing. “The approval for the acquisition of Sky Deutschland sends a strong signal for the future of the German-speaking media market,” he commented. “With more than 12 million subscribers already, we are well positioned to shape the ongoing transformation of the video market. Our ambition is to offer audiences an innovative and compelling local proposition across all channels – from independent news to premium entertainment and live sports. We aim to deliver exciting content for every budget and for the heart of each fan, keeping our viewers at the centre of everything we do. I am very much looking forward to shaping the future of streaming together with the great teams in Munich and Cologne.”
“This approval enables RTL and Sky Deutschland to come together and realise their full potential as a combined business,” said Mills. “I would like to thank the Sky DACH team who have achieved strong results and a successful turnaround. As the company enters this next phase from a position of strength, it is well placed for continued success as part of the RTL business.”
RTL Group first announced that it had signed a definitive agreement to acquire Sky Deutschland (DACH) on June 27th, 2025. The transaction brings together two of the most recognisable media brands in the DACH region, creating a future-ready entertainment business with around 12.3 million paying subscribers. The transaction combines Sky Deutschland’s premium sports rights – including Bundesliga, DFB-Pokal, Premier League and Formula 1 – with RTL’s leading entertainment and news brands across RTL+, free-to-air and pay TV. It also unites two of the fastest growing streaming offers in the German market over the past years: RTL+ and WOW.
The combined business will offer a broader and more compelling German-language content portfolio for consumers across the DACH region. Viewers will benefit from expanded access to premium live sports, entertainment and news across RTL+, Sky, WOW and RTL’s free-to-air channels. By bringing together the strengths of RTL and Sky Deutschland, the combined company will be able to compete against global streaming platforms.
The transaction is expected to generate €250 million in annual synergies within three years after closing, mostly cost synergies across all categories.
According to the agreement, RTL Group will fully acquire Sky’s businesses in Germany, Austria, Switzerland, including customer relationships in Luxembourg, Liechtenstein and South Tyrol on a cash-free and debt-free basis.
At closing, RTL Group will pay €150 million to Comcast, Sky’s parent company, in cash, subject to adjustments. The potential variable consideration is linked to RTL Group’s share price performance. The variable consideration can be triggered by Comcast at any time within five years after closing, provided that RTL Group’s share price exceeds €41, subject to certain adjustments. The variable consideration is capped at €377 million in total. RTL Group has the right to settle the variable consideration in RTL Group shares, cash, or a combination of both.
RTL Group already bought 3.5 million treasury shares to be in a position to settle the variable consideration fully or partly in shares. After the payout of the dividend for the year 2025, RTL Group will continue its share buyback, up to an additional volume of around 0.5 million shares, through open-market transactions.
Under a separate trademark licence agreement, RTL will have the right to use the Sky brand in the DACH region (Germany, Austria, Switzerland), Luxembourg, Liechtenstein and South Tyrol. RTL will acquire Sky Deutschland’s streaming brand WOW as part of the transaction.
RTL Deutschland will remain headquartered in Cologne and Sky Deutschland in Munich.
PJT Partners served as advisor to Comcast on the transaction.
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