RTL Group to keep controlling stake in M6 Group after merger plans abandoned

European broadcast company RTL Group has decided to keep its controlling stake in French commercial network M6 Group, after the proposed merger between M6 and rival TF1 fell through last month.

Thomas Rabe

Bertelsmann-owned RTL said its decision follows a review of strategic options after it received “several financially attractive offers” for its 48.3% share in M6 when the proposed merger collapsed.

M6 and TF1 announced plans to merge the businesses earlier this year but abandoned the idea when the French Competition Authority said it would only approve the deal on the condition that either the TF1 TV channel or the M6 channel were sold.

RTL put its stake in M6 up for sale shortly after that decision but has now decided to keep hold of it, saying it “considers the legal risks and uncertainties to be too high, due to the required approval processes from the antitrust and media authorities, and the timing for the upcoming licence renewal for the main channel M6.”

RTL added that it “remains convinced that market consolidation is necessary to compete with the global tech platforms and that market consolidation will happen in the European TV markets sooner or later. With a strong presence across TV, radio and streaming, Groupe M6 will play a key role in any further consolidation in the French TV industry.”

RTL’s CEO Thomas Rabe said: “RTL Group has been a strategic shareholder in Groupe M6 for 35 years. Groupe M6 is one of the best-run TV companies in Europe with an excellent management team, led by its CEO Nicolas de Tavernost.

“In 2021, Groupe M6 achieved record operating results. We will continue to pursue our strategy to build national media groups of sufficient size to compete with the US platforms.”