RTL closes Sky Deutschland acquisition

The transaction, which was first announced in June 2025, was unconditionally approved by the European Commission on 22 April 2026. RTL confirmed that the deal had officially closed on 1 June 2026.

The deal brings together two of the most recognisable TV brands in the German-speaking market, with a combined total of approximately 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 entertainment and news brands across RTL+, free-to-air, and pay TV. It also unites two streamers in the German market: RTL+ and Wow.

The deal is expected to generate €250m in annual synergies within three years after closing, mostly cost synergies across all categories.

RTL stated that it has paid €68m upfront as a cash consideration to Comcast, Sky’s parent company. It said this reflected “customary net working capital and debt-like item adjustments compared with the previously communicated €150m, consistent with the cash-free and debt-free basis of the transaction. The final cash consideration remains subject to customary post-closing adjustments.”

The transaction also includes a variable consideration linked to RTL Group’s share price performance. This can be triggered by Comcast at any time within five years after closing, provided that RTL Group’s share price exceeds €36.26. The variable consideration remains capped at €377m in total.

RTL added that the Sky Deutschland acquisition underscored its strategic focus on in-country combinations in Europe to strengthen local media players and enhance their ability to compete with global streaming platforms.

The European Commission recently unconditionally approved RTL Deutschland’s €150m acquisition of Sky Deutschland from Comcast. Discover more here.