ProSiebenSat.1 buys Warner Bros. its remaining shares in Joyn. This means that the streaming service will belong entirely to the Munich media company in the future.
The television group ProSiebenSat.1 wants to take over the Joyn streaming platform completely and is subsequently adjusting its annual forecast. The remaining 50 percent of the shares in Joyn are to be taken over by the joint venture partner Warner Bros. Discovery, as the MDax-listed company announced on Tuesday in Unterföhring near Munich.
“Full control of Joyn gives us the necessary entrepreneurial flexibility,” said CEO Rainer Beaujean, according to the announcement. With the Joyn app, viewers can stream live television, in-house productions and US series. At the beginning of the year, ProSiebenSat.1 shut down the station’s own apps in order to move all content to Joyn.
Purchase price unknown
The group did not provide any information on the purchase price. The management expects antitrust clearance from October 1st. CFO Ralf Gierig initially expects the acquisition to have a negative impact. The purchase of Joyn is likely to burden ProSiebenSat.1’s operating result (Ebitda) by around EUR 25 million.
Total revenue for the current year is expected to rise further to almost EUR 4.4 billion with a margin of plus/minus EUR 75 million after the previous year’s figure of around EUR 4.3 billion. The adjusted net result in 2022 should now be at the previous year’s level of 362 million euros. Previously, the Executive Board had set a target of a level at or slightly above the previous year’s figure. The dividend for the current year is to remain at 80 cents per share.
Joyn has been around since 2019. The Group’s TV channels and the streaming offer can be accessed there, as well as TV channels from other providers. The platform relies on advertising, but there is also a paid subscription area Joyn Plus+.