German media company Constantin Medien will not sell its sports broadcaster Sport1 and advertising sales arm Sport1 Media.
The management board decided today to terminate the structured, competitive bidding process regarding a possible sale of Sport1 and Sport1 Media with immediate effect, according to a statement, adding that, as part of Constantin Medien’s concentration on the sports segment, the company will mainly focus on the strategic and operative development of 360° sports platform Sport1 and production company Plazamedia.
In June 2017, it became known that Constantin Medien evaluates the sale of Sport1 and Sport1 Media to gain financial freedom. The focus would consequently have been on its movie segment Constantin Film. Axel Springer, Sky Deutschland and Freenet were rumoured to be looking into a possible acquisition of the company’s sports business.
Following the settlement of the dispute between Constantin Medien’s main shareholders regarding the company’s strategic direction and the appointment of a new CEO and supervisory board, industry insiders expected the sale of the sports unit to have become unlikely.