German broadcaster ProSiebenSat.1 has cancelled the sale of its international production subsidiary Red Arrow Studios.
“We have now closed the process for the strategic review of Red Arrow Studios as various options we were evaluating are no longer viable in a coronavirus crisis environment,” a ProSiebenSat.1 spokesperson told industry publication Deadline.
“We strongly believe in the business. It posted a record 2019. Love is Blind is the smash hit on Netflix to just name one of our great line-up. We have a great team. And we are all in and will remain so.”
ProSiebenSat.1 confirmed in autumn 2019 that it is evaluating a sale of its production business which consists of around 20 companies. The first potential buyers emerged in October 2019.