‘Love Is Blind’ Producer Red Arrow Studios No Longer For Sale Amid “Coronavirus Crisis”
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German broadcaster ProSiebenSat.1 has canceled the sale of Love Is Blind and Bosch production group Red Arrow Studios as the world is gripped by the coronavirus crisis.
ProSiebenSat.1 has been exploring a sale of Red Arrow for six months, with All3Media an AMC emerging as two of the most likely buyers as the situation progressed. ProSiebenSat.1 has, however, always maintained that it might choose to retain ownership of the production group.
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Now, with coronavirus wreaking havoc on the global economy and TV production schedules, ProSiebenSat.1 has indeed opted to keep hold of its asset, which comprises 20 production companies including Kinetic Content, the studio behind Netflix hit Love Is Blind.
ProSiebenSat.1 said in a statement: “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. 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 lineup. We have a great team. And we are all in and will remain so.”
ProSiebenSat.1 first put Red Arrow Studios up for sale in September as part of a process overseen by investment bank Morgan Stanley. A decision was expected on its future last year, but was pushed into 2020 in December. Red Arrow’s valuation was said to have been a sticking point in negotiations, with Reuters suggesting it could be as high as 250M euros ($278 million).
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