RTL Group announced that it has completed its acquisition of Sky Deutschland (DACH), officially closing the transaction on June 1, 2026. The deal, which was first announced in June 2025, received unconditional approval from the European Commission on April 22, 2026.
The acquisition combines two of the most recognizable media brands in the DACH region, creating an entertainment business with approximately 12.3 million paying subscribers. The combined company will offer viewers expanded access to premium live sports, entertainment, and news across RTL+, Sky, WOW, and RTL’s free-to-air television channels. RTL Group expects the transaction to generate €250 million in annual synergies within three years of closing, primarily through cost efficiencies across the organization.
The transaction aligns with RTL Group’s strategy of pursuing in-country media combinations across Europe to strengthen local media companies and improve their ability to compete with global streaming platforms. The company said it will provide an updated outlook for fiscal year 2026, including the consolidation of Sky Deutschland’s results from June through December, when it reports half-year earnings on August 11, 2026.
Under the terms of the transaction, RTL Group acquired Sky’s operations in Germany, Austria, and Switzerland, as well as customer relationships in Luxembourg, Liechtenstein, and South Tyrol, on a cash-free and debt-free basis. At closing, RTL Group paid Comcast, Sky’s parent company, an upfront cash consideration of €68 million. The amount reflects customary net working capital and debt-related adjustments from the previously communicated €150 million purchase price. The final cash consideration remains subject to customary post-closing adjustments.
The deal also includes a variable consideration component tied to RTL Group’s share price performance. Comcast can trigger this payment within five years after closing if RTL Group’s share price exceeds €36.26, adjusted from the previously disclosed threshold of €41.00 following the company’s May 2026 dividend payment related to the sale of RTL Nederland. The variable consideration is capped at €377 million, and RTL Group may settle the obligation through shares, cash, or a combination of both.
To support a potential share-based settlement, RTL Group has already repurchased approximately 3.75 million treasury shares. The company also expanded its share buyback program on May 13, 2026, authorizing the purchase of an additional approximately 0.5 million shares through open-market transactions.
KEY QUOTES:
“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. Viewers will benefit from expanded access to premium live sports, entertainment and news across RTL+, Sky, WOW and RTL’s free-to-air channels. The transaction is expected to generate €250 million in annual synergies within three years after closing, mostly cost synergies across all categories.”
RTL Group
“The transaction underscores RTL Group’s strategic focus on in-country combinations in Europe to strengthen local media players and enhance their ability to compete with global streaming platforms.”
RTL Group
