Luxembourg-based RTL Group SA has agreed to sell its Dutch business RTL Nederland to Belgian media company DPG Media for €1.1 billion (US$1.2 billion) in cash. The deal is expected to close in the middle of 2024.
Bloomberg is reporting that European broadcasters like RTL are looking for ways to streamline their businesses during an advertising pullback. The company, which is controlled by its parent company Bertelsmann SE & Co., has also weighed selling its stake in French broadcaster Groupe M6, and has said that market consolidation in Europe is necessary to “compete with global tech platforms.”
RTL and DPG — which operates news, television, radio, magazine and digital brands in the Netherlands, Belgium and Denmark — says that they will start a partnership involving advertising sales and content.
Thomas Rabe, CEO of RTL Group, said, “We are looking forward to the strategic partnership with DPG Media, working closely together on European solutions in advertising and streaming technology, international advertising sales and joint content development.”
Christian Van Thillo, executive chairman of DPG Media Group, said, “I am looking forward to working with the outstanding leadership team of RTL Nederland, and I am also very pleased that we will build a strategic partnership with RTL Group.”
You can read RTL’s full media release on the sale here.