M6 METROPOLE TELEVISION

Proposed Merger Between the TF1 and M6 Groups Abandoned

Regulatory News:

Bouygues, RTL Group, Groupe TF1 and Groupe M6 (Paris:MMT) have today decided to call off their plan to merge the TF1 and M6 groups that was announced on 17 May 2021.

This decision comes after the parties appeared at the hearings of the French Competition Authority’s board (Collège) on 5 and 6 September 2022 to argue in favour of the benefits and necessity of the deal.

Following the debates with the Authority and despite the additional remedies proposed, it appears that only structural remedies involving at the very least the divestment of the TF1 TV channel or of the M6 TV channel would be sufficient to approve the proposed merger. The parties have therefore concluded that the proposed merger no longer has any strategic rationale.

As a result, and in agreement with the other parties, Bouygues has decided to end the review of the transaction by the Competition Authority.

The parties regret that the Competition Authority did not take into account the speed and extent of the changes sweeping through the French broadcasting sector. They continue to firmly believe that a merger of the TF1 and M6 groups would have provided an appropriate response to the challenges resulting from the increased competition from the international platforms.

ABOUT THE TF1 GROUP
The TF1 group is a major player in the production, publication and distribution of content. Our raison d’être: to positively inspire society. Our operations are split between two divisions: The Media division is home to: our five free-to-air channels (TF1, TMC, TFX, TF1 Séries Films, LCI); our four theme channels (Ushuaia TV, Histoire TV, TV Breizh, Série Club); our on-demand content platforms (MYTF1, TFOU MAX and Salto); our iconic digital brands (including Marmiton, aufeminin, Doctissimo and Les Numériques); and the TF1 PUB advertising airtime sales house. We also operate in music production and live shows with Muzeek One. The Production division, with Newen Studios, is home to 40 creative companies and labels in France and abroad. The division creates and distributes programmes across all genres and for all media industry players, from public service and private-sector broadcasters to online platforms. The TF1 group has operations in 20 countries and employed 3,380 people as of 31 December 2021. In 2021, the Group generated sales of €2,427m (Euronext Paris, compartment A: ISIN FR0000054900).