Europe's largest broadcaster RTL Group has announced it will take full ownership of video outfit SpotX, as it looks to adtech to diversify its revenue amid a "challenging" TV ad market.
RTL Group today (August 30) announced its latest quarterly results, with group revenue up 8.8% year-over-year in the second quarter, and 3.5% in the first half of the year.
Its leadership cited "challenging" developments in advertising markets across its footprint, which includes 10 countries across Europe – a "clear signal" to accelerate its strategy execution.
This strategy includes taking full ownership of SpotX, having bought 65% of the adtech company in 2014 for $144m, in what is just the latest M episode in the adtech sector.
Bert Habets and Guillaume de Posch, co-chief executive officers at RTL Group, said in a joint statement that they plan to roll out the SpotX offering across its operations in close collaboration with its SmartClip entity.
In a video statement to investors, they also hinted at potential adtech acquisitions in the future (see above).