After an initial unfavorable report from the services of the French regulator on the merger, the two television groups fell on the stock market. Several scenarios are now emerging.
The marriage project between TF1 and M6 seems compromised. The investigation report from the services of the Competition Authority (Adlc), which has been working on the file for many months, is not there. “not favorable”, unveiled in a joint statement Tuesday evening the RTL groups (itself owned by the German Bertelsmann), which owns M6, and Bouygues, the largest shareholder of TF1. Submitted last week, this 450-page report notably points to “significant competition concerns”in television advertising, where the two players capture 75% of the market value.
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The French regulator had announced in March the opening of a “in-depth examination phaseon this controversial project that would create a titan of French television that could dominate the market for audiovisual rights, channel distribution and TV advertising. TF1 and M6 believe that they are now competing against the major American players in online video such as Netflix, YouTube or Amazon…
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