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Prosiebensat Acquires Streaming Platform Joyn From Warner Bros. Discovery

BERLIN: Prosiebensat 1 Media SE has lowered its 2022 core earnings outlook after acquiring the remaining 50% stake in streaming service Joyn from Warner Bros. Discovery, the German media company said on Tuesday. .

The company expects the full integration of Joyn to reduce adjusted earnings before interest, tax, depreciation and amortization (EBITDA) by €25 million in 2022.

As a result, the adjusted EBITDA outlook for 2022 has been revised downward to €780 million. This represents a difference of plus/minus €25 million from the previous forecast of €805 million plus/minus €25 million.

However, the group stuck to its previous 2022 forecast of adjusted net income of around €4.375 billion ($4.45 billion), broadly in line with the previous year, with a difference of plus or minus €75 million. .

Prosiebensat will acquire the remaining 50% stake in Joyn, which was launched in 2019, at a symbolic price of €1, Prosiebensat CEO Rainer Beaujean told Reuters.

“This gives us strategic security,” he said.

Like rivals Netflix and Disney, Warner Bros. Discovery is focused on a global subscription model, but Join will continue to be ad-supported and limited to German-speaking countries, Bojan said. added.

ProSiebensat hopes to make Joyn profitable by 2025. The streaming platform is expected to lose 75 million to 80 million euros this year, he said.

($1 = 0.9839 Euro)

(Additional reporting by Alexander Huebner, Munich; writing by Rachel More; editing by Matthias Williams and Emelia Sithole-Matarise)

https://www.channelnewsasia.com/business/prosiebensat-acquires-streaming-platform-joyn-warner-bros-discovery-2935451 Prosiebensat Acquires Streaming Platform Joyn From Warner Bros. Discovery

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