ProSiebenSat.1 is understood to be considering its options around the future of Red Arrow Studios, with the sale of the production and distribution division now postponed until the first quarter of next year.
Sources close to the discussions have told TBI that US-based AMC and All3Media are the final contenders for Red Arrow, but the German broadcast giant is understood to be undecided on whether to sell the international-facing division, which it put up for sale earlier this year.
Around six companies are believed to have looked at the German media outfit, which houses the likes of Deep State producer Endor Productions, The Circus firm Left/Right and Old People’s Home For Four-Year-Olds’ CPL Productions.
All3, the UK-based producer and distributor backed by Discovery and Liberty Global, had been leading the pack in its pursuit after the division was put on the block during the summer by owner ProSieben, which is headed up by CEO Max Conze.
While AMC and All3 are among the final two to be in discussions, sources have told TBI that ProSieben is considering whether to retain ownership of the global production arm.
All3 became the main suitor for Red Arrow late last month but plans to have the sales process wrapped up before Christmas have stalled, with the company’s valuation of around €325m ($390m) deemed by some to be too steep.
ProSieben told TBI: “At Red Arrow Studios, we have initiated a strategic review and are exploring options. In Q1 we will make a decision on whether to consider a sale or partnership.
“The German production business with Redseven and our digital studio Studio71 are not part of the review, anyway.”
The sale is set to include 20 production companies including 11 in the US, such as 44 Blue Productions, Kinetic Content and Dorsey Pictures, as well as other businesses in Denmark, Israel and the UK.
The Taste prodco Redseven Entertainment and multichannel network Studio71 are being retained to allow ProSieben to fuel its domestic outlets in Germany.