The deal, which still has to pass regulatory approval, would make RTL the third-biggest streaming service in Germany, ahead of Disney+, with 11.5 million subscribers.

The sale for up to $617 million comes as legacy companies shake up their portfolios in an attempt to adapt to the rise of streaming platforms.

RTL Group is set to acquire Sky Deutschland, merging Sky's sports and streaming with RTL's news and entertainment, creating a powerhouse with 11.5 million subscribers. The deal, valued with an upfront payment and a variable component,