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Wednesday, 11 January 2017 22:39

France's TF1 and Italy's Mediaset Invest in Multi-Channel Network Studio71

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Two of Europe's leading commercial television broadcasters, France's TF1 Group and Mediaset in Italy, will invest a combined $56 million (€53 million) to become minority shareholders in Studio71, the online multichannel network (MCN) controlled by German broadcaster ProSiebenSat.1.

The deal, announced Thursday, values Studio71 at around $426 million (€400 million) and represents a major move by Europe's old media players into the online video space. Following the 2015 merger of L.A.-based Collective Digital Studio with ProSieben's Studio71, the company, by its own estimation, is the fourth-largest is currently the fourth largest MCN in the world, generating more than six billion monthly views on YouTube alone. It's talent pool includes such online stars as Lilly Singh and Rhett & Link, YouTubers Roman Atwood and Dennis Roady and actor Dwayne “The Rock” Johnson.

“By taking a stake in Studio71, the TF1 group is positioning itself in the global digital ecosystem alongside two of Europe’s leading media groups, said Olivier Abecassis, VP of innovation and digital at the TF1 Group. And by becoming the operator of Studio71 France, we are bolstering our presence in multi-platform premium online video, and our status as a key partner for emerging web creatives.” Following the deal, ProSiebenSat.1 will retain around 70 percent of Studio71.

Read more at HollywoodReporter

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