French conglomerate Mediawan (Miraculous Ladybug) has entered into an agreement to buy Germany’s Leonine Studios as part of an all-stock transaction.  

The two companies are joining forces to create “a truly pan-European studio with [an] increasingly global presence,” and the move gives Mediawan a big leg-up in the German market. To break things down by numbers, this transaction is expected to increase the French company’s annual revenue to roughly US$1.1 billion, expand its catalogue to 30,000 hours of premium content, and widen its footprint to span 13 countries across Europe, Africa, Asia and North America.

Reportedly in the works as early as last November, the deal now has to pass regulatory approval and secure antitrust clearance from regional authorities. Leonine will keep its name and remain located in Munich. Founder Fred Kogel will join Mediawan’s executive committee and continue to head up operations in German-speaking territories with his existing management team.

Both companies are backed by New York-based private equity group KKR, but their history goes back to 2020, when Mediawan purchased a 25% stake in Leonine. The following year, they jointly acquired a 51% stake in Drama Republic, the British indie behind acclaimed teen series My Mad Fat Diary. 

Leonine launched as a producer/distributor in 2019, and its multi-genre library includes kids live-action movies such as School of Magical Animals (2021’s highest-grossing German film domestically) and The Flying Classroom (2023). 

The company launched an animation division last year, and increased its stake in Germany’s Toon2Tango (Mia and Me) from 25% to 50% this year. It also holds the German distribution rights to films like Maya the Bee 3—The Golden Orb (2021) and Hunger Games: The Ballad of Songbirds and Snakes (2023).

Pictured: School of Magical Animals 2 (2022)