This morning, the Senate cultural committee looked into the sale of the M6-RTL group, which is shaking up the French audiovisual landscape.
The committee successively interviewed Nicolas de Tavernost, chairman of the management board of the M6 group, and Isabelle de Silva, the chairman of the competition authority which will have to approve the transaction.
Questioned by the senators, Nicolas de Tavernost repeated that his German shareholder Bertelsmann was facing a complex dilemma.
He has the choice between two solutions, one easy, the other more difficult.
The first consists in selling its 48% in the M6 group to another European media group such as Mediaset or Daniel Kretinsky, which would basically change nothing on the major balances of the French audiovisual market.
The second solution;
selling to a major French player in the sector such as TF1 or Vivendi would, according to him, be
"the most complex to carry out, but would guarantee greater efficiency because it would bring more synergies"
.
Nicolas de Tavernost recalled that Thomas Rabe, CEO of Bertelsmann had estimated that a sale to TF1 would be the option most in line with the orientations of the group, although it faces regulatory obstacles.
The boss of Bertelsmann had indicated that the operation would be carried out by the end of the first half of the year.
But this morning, before the Senate, Nicolas de Tavernost was more vague on the calendar because of the complexity of the operation.
Finally, the boss of M6 made a point of clarifying that
“the antennas and flagship brands of the M6 group will not disappear if it is bought”
.
Analysis of relevant markets
Whatever the nature of the purchaser, this operation will have to pass under the caudine forks of the competition authority.
Isabelle de Silva, its president, is therefore at the center of the game. This is the first time that she has spoken on the subject.
She explained to members of the Senate that
“depending on the nature of the acquiring company, the effects on the French market would be different
.
In any case, the authority will analyze the transaction by defining the relevant markets (market for free and pay TV, broader players such as SVOD platforms), the effects of the transaction on these markets and will have to define remedies to be applied. .
The authority will examine the effects on acquisitions of cinematographic and audiovisual rights and on the traditional advertising market but also on online advertising.
If it is led to authorize the transaction, the authority could however impose structural remedies such as reselling a certain number of DTT channels, or behavioral such as imposing separate legal structures or putting up walls of security. China between the entities of the acquirer and those of the target.
The tone is set.
Both Nicolas de Tavernost and Isabelle de Silva underlined the complexity of the operation.
It should give rise to a long fight.
