Nearly six months after ProSiebenSat.1 launched a strategic review of Red Arrow Studios with plans to potentially sell the global production and distribution outfit, the German media company announced it has pulled the sale amid the “coronavirus crisis.”
In a statement provided to Realscreen, a ProSieben spokeperson said: “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 name just one of our great line up. We have a great team. And we are all in and will remain so.”
The strategic review was launched in September 2019, with ProSiebenSat.1 confirming it was “evaluating all different kinds of scenarios, and a sale of the business would be just one option of many.”
Red Arrow Studios is comprised of 20 production companies in seven territories throughout Europe and the U.S., including Love is Blind (pictured) producer Kinetic Content and Say Yes to the Dress producer Half Yard Productions, as well as Karga Seven Pictures, Left/Right, Dorsey Pictures, Cove Pictures and 44 Blue Productions.
The news comes as a number of major industry events — from upfront presentations by major companies such as Discovery and Fox to festivals such as South by Southwest (SXSW) and Tribeca Film Festival — pull the plug amid concerns over the spread of COVID-19, or coronavirus.
With files from Daniele Alcinii