Deezer Gets Major Investment From ProSiebenSat.1, Merges Music Services
German tv, radio and media group ProSiebenSat.1 has taken a major stake in international music streamer Deezer, according to Die Welt. Details of the deal were not revealed, but sources put the new holding at less than 50%. To date, Deezer has raised $150 million; $130 million of which came last year from WMG and Beats investor Access Industries.
As part of the deal, ProSiebenSat.1 music service AMPYA will be merged into Deezer. Together the music services will be a dominate player in Germany, the world's 4th biggest music market.
“Deezer and ProSiebenSat.1 are moving forward together. With Deezer we are offering the most intuitive personalised music service on the market,” Gerrit Schumann, ViP of Deezer Europe said in a statement. “With the reach of the ProSiebenSat.1 Group we will be allowing an even larger audience unlimited access to our music catalogue.”
The cash infusion also comes months before Deezer enters the competitive U.S. market later this year.