Constantin blocks Sky Deutschland takeover of Plazamedia
| 19 May 2014
In a surprise twist to a deal long-thought to be settled, Constantin Sport Holding has issued Sky Deutschland with a withdrawal notice regarding the sale of PLAZAMEDIA and Sport1.
On 5 December 2013, Constantin Sport Holding announced that it had agreed to sell for €57.5 million to Sky 100% of the Plazamedia GmbH TV and film and TV production company well as a its 25.1% equity stake in Sport1 GmbH and Constantin Sport Marketing.
Plazamedia is one of the leading sports TV producers in the German-speaking markets and provides production services for more than 1,000 football matches for Sky Deutschland each year as well as Sky's studio shows such as Sky90 and Samstag LIVE!. It is also a production partner for the Sky football multi-match conference as well as Formula One.
When the deal was announced it was stated that it was expected to close in the first half of 2014, subject to regulatory approvals.
Commenting on Constantin's move, Sky Deutschland dismissed the withdrawal notice as 'invalid' and assured that it still intends to close the transaction based on the binding terms and conditions agreed in December 2013.