M6 shareholders agree to merger with TF1

The shareholders of the French television channel M6 gave the green light on Tuesday to the proposed merger of the television and radio group with its competitor on TF1. This merger would give rise to the largest audiovisual group in France.

Announced in May 2021, the merger project between the two major French television channels has obtained the approval of M6 shareholders, and the modification of the statutes has been validated by more than 99% of the votes, which will create a television juggernaut representing 75% of turnover in the market for audiovisual rights, channel distribution and television advertising in France.

The final agreement should nevertheless only be finalized in early 2023 after the agreement of Arcom and the Competition Authority.

A merger of TF1, owned by Bouygues, and M6 (put up for sale by the German Bertelsmann, shareholder of RTL Group), would create a French giant in the market for audiovisual rights, channel distribution and advertising television, with around 75% of French turnover in the latter sector.

In the first quarter, M6 announced on Tuesday that it had recorded a turnover up 9% to 322 million euros, including 219 million euros (+7.5%) from television advertising (M6, W9, 6ter…) and 32 million (-5.9%) from RTL, RTL2 and Fun Radio.

Non-advertising revenues are also up 23% year-on-year to 70 million euros, in particular thanks to the resumption of theatrical release of films (production activity jumped 59% to 15 million euros) , and the consolidation of the Stéphane Plaza real estate agencies, one of the group’s diversification efforts.