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.

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.

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.