German media group ProSiebenSat.1 (PSMGn.DE) is exploring a potential deal to buy into Sky’s pay-TV operations in Germany, two sources close to the matter said on Wednesday.
Comcast (CMCSA.O), which acquired Sky Deutschland as part of a $40 billion buyout of European pay-TV broadcaster Sky in 2018, did not immediately respond to request for comment. ProSiebenSat.1 declined to comment.
Comcast is working with advisory firm PJT Partners as it is weighing a disposal of the German business, the sources said.
Deliberations are still ongoing and there is no certainty any deal will go through. One of the sources said there were limited synergies between the two businesses, given that ProSiebenSat.1’s TV business was driven by advertising.
European broadcasters are struggling to find ways to tackle increasing challenges as the continental landscape is increasing dominated by U.S. streaming giants.
Italian broadcaster MediaForEurope (MFE) (MFEB.MI) last week cemented its position as ProSiebenSat.1’s biggest single shareholder when it raised its potential voting stake to 29.9%.
($1 = 0.9946 euros)