French television groups TF1 and M6 abandoned plans to join forces after French competition authorities opposed the merger.
The deal, which was seen as an attempt by the two commercial broadcasters to create a European powerhouse capable of taking on global broadcasting giants, was abandoned after a merger investigation by France’s competition authority.
The companies said on Friday that, after a meeting with the antitrust body, it was clear they would approve the deal only on the condition that they sell one of the two networks’ main channels: TF1 or M6.
“The parties have therefore concluded that the proposed merger no longer has any strategic justification,” TF1 Group and its 44% owner Bouygues Group, as well as M6 Group and its parent RTL Group, said in a joint statement. joint statement. The parties are concerned that the competition authority has not taken into account the speed and scope of changes in the French broadcasting sector.
TF1 and M6 argued that only by joining forces can large national networks in Europe continue to compete with wealthy streamers as online platforms expand internationally. If the merger takes place, Paris-based Bouygues Group would own 30% of the combined company TF1-M6, while Fremantle-based RTL Group would own a strategic 16%.
Source: Hollywood Reporter
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