“The sale is consistent with RTL Group’s three-priority strategy – core, growth, alliances & partnerships – which includes continuously reviewing the Group’s portfolio and growing its European digital assets,” it said in a press release.

RTL sold the shares for €102m to BroadbandTV holding company BBTV Holdings. It had acquired the 51% stake in 2013 for €27m and later injected further capital worth €19.8m in the form of convertible notes.

“These notes, including accrued interest, will be replaced by a new promissory note of the newly listed entity BBTV Holdings Inc. with a December 2021 maturity date,” RTL Group said.

BroadbandTV manages, distributes and monetises content on YouTube and other video platforms. BBTV is the the second-largest video property worldwide in terms of unique viewers, following only Google, it says on its website.

The sale came as BBTV launched an initial public offering at the Toronto stock exchange. Shares began trading on Wednesday 27 October, but the stock closed down 6.25% on its first day.