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ProSiebenSat.1 is set to announce in the coming weeks whether or not it will sell its transatlantic subsidiary Red Arrow Studios.

In September, the German media giant launched a strategic review of the production and distribution division with the aim of selling it or forming a partnership with other potential investors. A final decision had been expected at the end of 2019 but the group said in December that it was postponing it until some time in the first quarter of 2020.

Red Arrow Studios comprises 20 production companies in Europe, the U.S. and Israel that make scripted and unscripted shows like Netflix’s new docu-drama “Rise of Empires: Ottoman” and CBS All Access’ true-crime series “Interrogation.”

ProSiebenSat.1 hired investment bank Morgan Stanley to handle the sale. While analyst valuations put the estimated price tag for the division at €300 million ($330 million), market watchers have said that sum is unlikely to be reached, which could make a partnership more likely. Red Arrow Studios’ overall production business generates some €550 million ($605 million) in annual revenues for ProSiebenSat.1.

All3Media, the U.K. company owned by Discovery and Liberty Global, and AMC have reportedly been in discussions to acquire the group. Sony Pictures Television, Banijay and Vivendi were also named as early contenders.

ProSiebenSat.1 is understood to be in talks with interested parties and is exploring various options, including a sale, a partnership or keeping the division in house.

A sale would not include Red Arrow Studios’ German production assets, such as Redseven Entertainment, maker of ProSieben and Sat.1 shows such as “Germany’s Next Top Model” and “The Biggest Loser.”

Red Arrow Studios’ U.S. companies include Fabrik Entertainment, producer of “Interrogation” and Amazon’s “Bosch,” Karga Seven Pictures, maker of “Rise of Empires: Ottoman,” Kinetic Content and 44 Blue Productions as well as Endor Productions and Cove Pictures in the U.K.