European broadcaster RTL Group said on Friday it would buy Sky Deutschland, in a deal that combines Sky's sports and streaming offerings with RTL's news and entertainment brands to create a business with 11.

German media giant RTL Group has signed an agreement to buy Comcast-owned pay-TV acquire Sky Deutschland. The deal brings together two top media brands in the region, creating a business with roughly 11.5 million paying subscribers.

Sky Deutschland has been acquired by RTL, ending years of speculation on its future. The channel group paid €150M ($175M) for Sky’s German arm, “with additional variable consideration linked to future value creation.” RTL said it expects €250M of annual synergies within three years after closing.