German broadcaster ProSiebenSat.1 is looking to renegotiate its output deals with Hollywood studios and improve its scope of rights after reducing its full-year revenue targets. It revealed that it has already struck a new deal with Warner Bros.
The company revealed that it was looking to bolster local originations, coming after it noted that it expects a revenue decrease in the low-single digital percentage range to about €4B.
Its increased investment in local content comes as it begins a review and renegotiation of its Hollywood studio contracts. It has concluded a new licensing deal with Warner Bros, which includes series such as The Big Bang Theory, which it said “ensures a qualitatively significantly optimized inflow and has a considerably improved scope of rights”.
Mads Mikkelsen To Replace Johnny Depp In 'Fantastic Beasts' As Warner Bros Confirms Casting - Update
ProSiebenSat.1 also has deals with the likes of Disney, Fox and CBS Studios International.
Max Conze, CEO of ProSiebenSat.1 Media, said, “In parallel to the increased local focus in its entertainment content strategy, the Group is currently reviewing its existing U.S studio contracts. In this regard, ProSiebenSat.1 has approached the respective licensors in order to achieve relevant improvements in the scope of rights and/or volume inflow for license volumes both from existing agreements and for future agreements.”
The revelations come as part of a strategy update for the German media company, which is also looking to expand its digital platforms and bolster its content production division Red Arrow Studios.
It is looking to continue its international expansion of the latter in the U.S. and UK, where it operates a range of production companies including The Circus producer Left/Right, Kinetic Content and CPL. “ProSiebenSat.1 will continue to review strategic partnerships in this segment under the condition that they would increase the size and growth of the production business,” Conze added.
Subscribe to Deadline Breaking News Alerts and keep your inbox happy.