Germany’s ProSiebenSat.1 Group is acquiring from Warner Bros Discovery the 50% stake in local streaming service Joyn that it doesn’t already own.
The joint venture AVoD platform was established with Discovery in 2017 and has been operating under the name Joyn since 2019.
With four million unique users a month, Joyn will be transferred to ProSiebenSat.1 Media’s Entertainment segment as a wholly owned subsidiary. Financial terms of the deal were not disclosed.
In addition to content from ProSiebenSat.1 and other content partners, Joyn users will continue to have on-demand access to content from Warner Bros Discovery as part of the deal. Users of the Joyn PLUS+ subscription offer can also obtain access to Discovery+ for 12 months.
Earlier this year the company discontinued all its individual stations’ apps and made Joyn the single point of contact for ProSiebenSat.1 content on connected TVs, smartphones and all other devices.
Rainer Beaujean, Group CEO of ProSiebenSat.1 Media SE, said: “By acquiring all shares in Joyn, we are continuing the digital transformation of ProSiebenSat.1 Group.
“With Joyn having launched as a pure streaming platform three years ago, we are now making it the first point of contact in our digital ecosystem and thereby benefiting from synergies within the group. In line with our strategy, we are extending our reach, especially among young target groups, and creating new opportunities for monetisation. Full control over Joyn gives us the entrepreneurial flexibility we need.”
Antitrust clearance is expected from October 1, 2022.