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PARIS — France’s TV broadcasters TF1 and M6 have determined to surrender their controversial merger plans, they introduced Friday.
“Following the discussions with the [national competition authority] and regardless of the extra cures proposed, it seems that solely structural cures regarding at the least the divestiture of the TF1 channel or the M6 channel would permit the transaction to be licensed,” they wrote in a joint assertion.
The plans, introduced final yr and backed by the Elysée Palace and public broadcaster France Télévisions, aimed to create a broadcasting powerhouse capable of compete towards U.S. streaming giants resembling Netflix. The brand new firm would have owned about 70 % of the nation’s TV promoting market, which raised competitors issues.
The businesses’ determination follows two days of hearings with the nation’s Autorité de la concurrence. TF1 and M6 are owned by French firm Bouygues and RTL Group (itself owned by German media conglomerate Bertelsmann), respectively.
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