The German broadcast group said it will plough in US$83 million (€75 million) into the new entity, Collective Studio71 (CS71) as part of the deal, valuing the combined business at US$240 million.
ProSieben will hold a 75% stake in CS71.
Collective Studio71 currently generates 2 billion video views per month across its channels, making it one of the largest MCNs worldwide. The company will be jointly managed by Christof Wahl and ProSieben’s Sebastian Weil and Ronald Horstman alongside CDS founders Michael Green andR eza Izad.
The Studio 71 part of the business will oversee European and UK operations while CDS will be responsible for the Americas and other English speaking territories.
The group’s online channels include Good Mythical Morning, Cyanide and Happiness and VitalyzdTv. CDS shows and talent have led to linear TV series including FЯED on Nickelodeon and Epic Meal Empire on FYI.
Christian Wegner, Member of the Executive Board ProSiebenSat.1, said: “ProSiebenSat.1 created and built up its own MCN with Studio71, and it has established itself as the largest network in the German-speaking world. By founding Collective Studio71 we will now instantly be a global player in this attractive growth market.”
Michael Green, founder of CDS added: “The combination of our two MCNS, backed by a strong financial foundation, will enable us to leverage opportunities throughout Europe, the Americas, and other territories to establish the first truly global MCN. There will also be a strong focus on bringing in broadcast partners for all these territories worldwide.”
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