French broadcasters TF1 and M6 have called off plans to merge after appearing in front of the French Competition Authority earlier this month.
In a statement, TF1 owner Bouygues and M6 owner RTL Group, said the decision had been taken after it appeared “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,” they added.
The original plan included Bouygues acquiring a 30 per cent stake in M6, with the two companies stating the merger would lead to an acceleration in the development of a French streaming champion to take on the international players.
The statement added that the Competition Authority failed to take into account “the speed and extent of the changes sweeping through the French broadcasting sector.
“We 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,” it added.
