ProSiebenSat.1 buys Warner Bros. Discovery out of Joyn for €1

ProSiebenSat.1 has assumed full control of streaming service Joyn after buying out the 50% stake held by Warner Bros. Discovery for €1.

Joyn was launched in May 2019 as a 50:50 joint-venture with Discovery. It launched as a free streamer, before adding a premium tier later that year.

With WBD looking to cut billions from its accounts as it repositions its DTC business, offloading Joyn will allow it to focus on its combined streaming service of HBO Max and discovery+ – set to launch in Summer 2023 – and the recently established JV of BT Sport and Eurosport. 

Part of WBD’s willingness to exit Joyn is ProSiebenSat.1’s domestic focus. The company had previously mulled an international expansion, but instead opted to focus on its ad-based business in German-speaking countries. 

The company’s CEO Rainer Beaujean confirmed that ProSiebenSat.1 will acquire the remaining 50% stake for a symbolic price of €1. It aims to make Joyn profitable by 2025, with the streamer expected to make a loss of €75-80 million in 2022.

The full consolidation of Joyn will reduce ProSiebenSat.1’s 2022 EBITDA by €25 million, with the company revising its outlook to €780 million versus previous forecast of €805 million. It has kept its forecast for adjusted net income of around €4.375 billion.