RTL’s Streaming Pivot Gathers Pace as New CEO Takes the Helm

RTL Group completes RTL+ platform migration, targets first streaming profit as new CEO Clément Schwebig takes charge and Sky Deutschland acquisition closes.

The clock is ticking on a transformative period for RTL Group. With a new chief executive set to take charge, the closing of the Sky Deutschland acquisition on the horizon, and a crucial earnings report due in mid-May, the media conglomerate is juggling multiple moving parts. At the heart of it all lies a single, overriding objective: making its streaming business sustainably profitable.

A Platform Migration Nears Completion

One of the most significant operational milestones has just been reached. By the end of April, RTL completed the migration of its RTL+ streaming service onto the Bedrock technology platform. This move is a cornerstone of the group’s broader strategy to slash costs and unify its technical infrastructure across all markets. The payoff is expected to be a first-ever profit from the streaming segment in the current year, with the division already brushing against breakeven in the final quarter of 2025.

The numbers underpin the ambition. Streaming revenue surged 26% last year, while the subscriber base swelled to more than eight million paying customers across the group’s services by the end of 2025 — a 19% year-on-year jump. RTL+ in Germany posted a similar rate of growth.

Leadership Handover Amid a Packed Calendar

Clément Schwebig steps into the CEO role at a moment of intense activity. He arrives from Warner Bros. Discovery, where he served as President for Western Europe and Africa, but he is no stranger to RTL — having spent over a decade in senior operational roles within the group. From May 2026, he will lead the company alongside CFO Björn Bauer.

His predecessor, Thomas Rabe, who simultaneously ran both RTL Group and parent Bertelsmann, is also handing over the Bertelsmann chair to Thomas Coesfeld, effective January 1, 2027. The transition comes as the stock trades at around €32.80, roughly 16% below its April high of €38.85 and about 10% beneath its 50-day moving average. Over the past month alone, the shares have dropped roughly 11%.

Sports Rights Deliver a Ratings Boost

The programming schedule is offering some immediate tailwinds. RTL’s exclusive free-to-air coverage of the Europa League in Germany has drawn strong audiences. The first leg of SC Freiburg’s tie against SC Braga attracted up to 3.55 million viewers — a season record for the competition. In the key 14-to-49 demographic, the broadcaster captured a 23.4% market share.

The return leg airs tonight. Should Freiburg advance to the final, it would provide an instant advertising and subscriber catalyst for the new CEO. Selected matches are shown on RTL or NITRO, while additional games are streamed on RTL+.

TV Weakness and Digital Strength

The traditional advertising business remains a drag. Full-year 2025 revenue slipped 3.8% to €6.01 billion, weighed down by softer TV ad sales and lower income from the Fremantle production unit, which also booked a €125 million impairment. In response, RTL has stopped fully financing films at Fremantle.

Yet the digital side is picking up the slack. Digital advertising revenue jumped 27.7% to €517 million, covering more than two-thirds of the decline in linear TV advertising. The group’s adjusted operating profit for 2025 came in at €661 million.

Outlook and the Sky Deal

Management is guiding for 2026 revenue of €6.1 billion to €6.2 billion, with adjusted EBITA rising roughly 10% to around €725 million. The medium-term target is €1 billion in operating profit. Achieving that hinges on a profitable streaming division, which is expected to contribute €600 million to €650 million in revenue this year.

The Sky Deutschland acquisition, set to close on June 1, will dramatically reshape the competitive landscape. The combined streaming platform will boast roughly 12.3 million paying subscribers across Germany, Austria and Switzerland. Sky brings premium sports rights — the Bundesliga, Premier League and Formula 1 — while RTL contributes entertainment, news and its RTL+ service.

Efficiency Drive Funds Digital Expansion

An ongoing cost-cutting programme is freeing up resources for the digital push. The new automated morning show “Deutschland am Morgen” is expected to save around €75 million annually and eliminate about 600 roles. Those savings are being redirected into streaming infrastructure.

The next major checkpoint comes on May 13, when first-quarter results will reveal how much progress RTL has made on its path toward a profitable streaming future. For now, the stock sits at €32.70, well below its 50-day average of €36.39 — a gap that may narrow if the digital transformation delivers on its promises.