The deal, which still has to pass regulatory approval, would make RTL the third-biggest streaming service in Germany, ahead of Disney+, with 11.5 million subscribers.

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.

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