German media company ProSiebenSat.1 has completed its acquisition of a majority stake in the DOSB New Media arm of the German Olympic Committee (DOSB).
Details of the deal, which is being undertaken through ProSiebenSat.1’s 7NXT subsidiary, first emerged in June and it was reported earlier this month that Germany’s federal cartel office, the Bundeskartellamt, had given the green light to the transaction.
Under the agreement, 7NXT will hold 57.5 per cent of the shares in DOSB New Media, while 27.5 per cent will remain under the control of the DOSB. As part of the transaction, the GIP Media Productions company will also accept a stake in DOSB New Media. Financial terms of the deal have not been disclosed.
DOSB New Media operates the DOSB’s online sports television channel, Sportdeutschland.TV. The platform currently shows competitions from more than 70 sports as live-streams or on-demand, including the Volleyball Bundesliga, Table Tennis Bundesliga and the 2. Basketball Bundesliga.
Markan Karajica, chief commercial officer of ProSiebenSat.1, said: “We see great potential and a long-term trend in online and mobile live sports coverage. Our goal will be to increase the variety of leagues and sports events for a growing fan base live via the internet. We are very pleased to be partnering with the DOSB, with whom we want to help the numerous Olympic and non-Olympic sports to grow in popularity.”