European broadcaster RTL Group said on Friday it would buy Sky Deutschland, in a deal that combines Sky's sports and streaming offerings with RTL's news and entertainment brands to create a business with 11.

The sale for up to $617 million comes as legacy companies shake up their portfolios in an attempt to adapt to the rise of streaming platforms.

The deal creates Germany’s third-largest streamer and strengthens RTL’s position as a gatekeeper for international platforms entering Europe’s top TV market. "HBO Max is launching in Germany next year,