The sale forms part of a strategy to focus the group’s activities on Europe. The company in October 2020 withdrew from Canadian media company BroadbandTV, selling its shares for €102m.

“The sale of SpotX is fully in line with our strategy to concentrate on growing our European digital businesses in streaming, advertising technology, digital video and audio as well as our global content business, Fremantle,” said RTL Group CEO Thomas Rabe in a statement. “SpotX is a fantastic business, focused on the United States and with significant potential.”

RTL acquired 65% of the company in 2014 for €107m, taking full ownership in 2017 for another €123m.

As part of the sale, RTL will keep 14m shares of Magnite stock, the company which acquired SpotX, worth €509m based on the closing price on 4 February 2021. The other €468m of the transaction are paid in cash.

The transaction remains subject to regulatory approval but should be finalised in the second quarter of this year.

“Advertising technology remains a strategic priority for RTL Group. To successfully transform our business, two factors are particularly important. One is higher reach, in both linear and non-linear TV. The second is better monetisation of our reach, through targeting and personalisation,” Rabe said.

“With our European ad-tech companies Smartclip and Yospace, we have made significant progress in building an open European ad-tech platform and in tapping into the high-growth market of addressable TV advertising,” he said.