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Report: ProSiebenSat.1 eyes Red Arrow unit sale

ProSiebenSat.1 Media SE is assessing a potential sale of its Red Arrow Studios International GmbH unit, Deadline reported, citing DWDL.

The German media company has begun reaching out to potential investors and set a Sept. 13 deadline for bids. ProSiebenSat.1 tapped Morgan Stanley for the divestment of the business.

However, ProSiebenSat.1 may be keen on keeping Red Arrow units Redseven Entertainment and Studio71.

The move comes after Red Arrow Chairman and CEO Jan Frouman stepped down in February, according to the report. Frouman was replaced by James Baker.

Red Arrow Studios was formed in 2017 when ProSiebenSat.1 combined Red Arrow Entertainment Group and Studio71.