ProSiebenSat.1 Exploring Options for Production Unit Red Arrow, Including Sale
The German media group is "considering all options" for its international production division, which controls 20 companies worldwide and produces such shows as Amazon's 'Bosch' and 'The Weekly' for FX and Hulu.
German TV giant ProSiebenSat.1 is "considering all options" for its international production and distribution operation Red Arrow Studios, including selling off the division that produces such drama series as Amazon's Bosch and factual shows, including Married at First Sight and FX and Hulu's The Weekly, produced together with The New York Times.
ProSiebenSat.1 told The Hollywood Reporter that the company has brought in investment bank Morgan Stanley to look at possibilities for Red Arrow, including selling part or all of the group.
Red Arrow Studios is an umbrella company that bundles together ProSiebenSat.1's international production subsidiaries and its world sales arm. Red Arrow controls 11 production companies in the U.S. as well as firms in the U.K., Canada, Denmark and Israel.
ProSiebenSat.1 is in the midst of a major corporate overhaul as the company, which operates numerous television channels in Germany, tries to shift its programming strategy from focusing largely on the acquisition of U.S. series and films to more in-house production. The shift was prompted by new boss Max Conze, who was named ProSiebenSat.1 CEO last year. James Baker was appointed the new CEO of Red Arrow Studios in 2018 as well.
The new strategy shows signs of paying off. ProSieben's local adaptation of costumed singing competition The Masked Singer was a huge hit for the network, and ProSiebenSat.1's German channels posted their best second-quarter performance in four years. Quarterly revenue was also up, though the company still posted a sharp drop in profits.
News of a possible Red Arrow sale was first reported on German website DWDL.de.