The sale process is in the final stages following a detailed appraisal of Red Arrow by investment bank Morgan Stanley, which has overseen proceedings since September.
ProSiebenSat.1 received expressions of interest from a number of major production players and more than one potential suitor remains in the running.
This includes All3Media, the production group owned by Discovery and Liberty Global, which continues to be acquisitive. It ran the rule over Endemol Shine Group before the Banijay takeover was agreed last month.
But ProSiebenSat.1 is not committed to disposing of Red Arrow and will decide whether to keep or sell the production studio by the middle of December.
Red Arrow owns 20 production companies, including Bosch producer Fabrik Entertainment and The Circus producer Left/Right in the U.S. In the UK, Red Arrow boasts CPL Productions, which is currently making CBS show Game On!, and Endor Productions, the drama producer behind BBC Two’s Vienna Blood, which was picked up by PBS this week.
TBI reported on Wednesday that All3Media is “poised” to acquire Red Arrow.