ProSiebenSat.1 Announces Complete Takeover Of Joyn; Adjusts Outlook

ProSiebenSat.1 Group (PBSFF.PK) said it is acquiring the outstanding 50% of the shares in the German streaming platform Joyn from Warner Bros. Discovery. Joyn will be transferred to ProSiebenSat.1 Media SE’s Entertainment segment as a subsidiary.

Ralf Peter Gierig, Group CFO of ProSiebenSat.1 Media SE, said: “As a result of the complete takeover, Joyn will be fully consolidated in the fourth quarter of 2022. As expected, the Group will initially be impacted at the level of adjusted EBITDA. Nevertheless, the Group still expects this year’s adjusted net income to be around the previous year’s level.”

ProSiebenSat.1 expects a reduction in adjusted EBITDA of around 25 million euros for fiscal 2022 due to the first-time full consolidation of Joyn. The company adjusted full-year outlook for adjusted EBITDA to 780 million euros, with a variance of plus/minus 25 million euros. Previously, guidance was 805 million euros plus/minus 25 million euros. The Group expects adjusted net income after full consolidation of Joyn for 2022 to be approximately at the level of the previous year. The prior guidance was at or slightly above the previous year’s level.

ProSiebenSat.1 expects a negative impact on adjusted EBITDA of around 40 million euros in fiscal 2023 and of around 25 million euros in fiscal 2024 due to the full consolidation of Joyn. The Group does not expect any negative impact on adjusted net
income in fiscal 2023.

The Group expects a positive earnings contribution to adjusted EBITDA by fiscal 2025 at the latest.

ProSiebenSat.1 expects to be able to pay a dividend for fiscal 2022 at the previous year’s level.

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