Why the planned TF1 and M6 merger stopped in review

The planned transaction would combine large channel groups

The regulator examined the proposed common ownership of major free-to-air television channels. It also considered distribution and the sale of advertising, where channels and advertisers interact through sales houses. Source 1 Source 2

TV and online advertising stayed separate in the analysis

The authority concluded from its investigation that advertisers did not consider television and online advertising sufficiently interchangeable. It found that combining the two closest television advertising competitors could create a risk of higher prices for ad space. Source 2

The proposed commitments covered several markets

Bouygues proposed commitments on advertising, film rights and distribution. Its proposals included separating the TF1 and M6 advertising sales houses. The authority’s account says their incentives to compete would still be affected by common control. Source 2

Withdrawal ended the procedure

The authority held plenary hearings in early September and took note of Bouygues’s withdrawal on 16 September. The closing event in the record is the withdrawal. The earlier Phase 2 announcement records the scope of the investigation. Source 1 Source 2

Sources

• Autorité de la concurrence, TF1 and M6 Phase 2 announcement
• Autorité de la concurrence, TF1 and M6 withdrawal and competition findings