German broadcaster ProSiebenSat.1 picks up minority stake in Collective Digital Studio
ProSeibenSat.1 has acquired a minority holding in American multichannel network Collective Digital Studio (CDS) through its production unit Red Arrow Entertainment, according to Broadband TV News. The financial terms of the transaction were not disclosed in the said report.
CDS chairman Michael Green said of the stake buy: "With the ProSiebenSat.1 investment, CDS has gained a strategic partner that will enable us to monetize the global reach of our content as well as tap into the Red Arrow distribution system to create additional opportunities for our creative talent."
CDS heads one of YouTube's top multichannel networks that has more than 600 channels. The company is known for producing the popular Internet series Video Game High School and TV shows for Epic Meal Time and The Annoying Orange, among others. Verizon, Unilever, Procter & Gamble, and Sony PlayStation are among the most notable customers of the company, the report detailed.
Red Arrow Entertainment, whose parent firm is ProSiebenSat.1, manages a group comprised of 15 international producers. The unit functions as a programming distribution entity in the broadcasting business, Broadband TV News reported.