The Bertelsmann Group has decided to give time to time. “We worked for almost two years on a consolidation of the sector. This project was probably too early. We regret it,” lamented Nicolas de Tavernost.
The sale of the M6 group will not take place. Monday evening, after a weekend of reflection, the Bertelsmann group decided to give time time. “We received three offers, all of them of high quality. Our shareholder RTL Group, in consultation with us, nevertheless considered that it was necessary to work better in stability given a complex regulatory framework, indicates Nicolas de Tavernost, the chairman of the management board of M6 before adding: “ I am very happy to continue the adventure with RTL Group which has accompanied our success story for 35 years».
At the end of last week, three firm offers were on the table. The premiere of FL Entertainment, world leader in audiovisual production (Banijay) controlled by Stéphane Courbit, associated with Rodolphe Saadé, the boss of the shipping giant CMA-CGM, and Marc Ladreit de Lacharrière (Fimalac). The second of the pair made up of Xavier Niel, boss of Free and MediaForEurope, the Berlusconi family group. The third, finally, formulated by the Czech billionaire Daniel Kretinsky, who has a press group in France with CMI (She, Marianne).
The first even valued Bertelsmann’s stake in M6 at around 1.2 billion euros, or 20 euros per share. This constituted a premium of approximately 57% compared to the current share price, around 12.40 euros. But selling M6, after the aborted merger with TF1, involved many pitfalls. After recalling in a press release that “M6 is one of the best managed television companies in Europe“, Thomas Rabe, the CEO of Bertelsmann, owner of M6 via RTL Group, precisely justified his decision to keep his 48.3% stake by “excessive legal risks and uncertainties».
Benoît Coeuré, president of the French Competition Authority (ADLC), and Roch-Olivier Maistre, president of Arcom, had warned last week before the Senate that the timetable was ” wrought up”. The authorization to broadcast M6 on DTT must indeed be renewed in May 2023 by Arcom. After this time, any change in frequency control will be impossible for five years, as provided by law. Problem, the study of a capital change, subject to the control of Arcom or even the green light of the Competition Authority, would have required more time. Too much time, had hollow made understand the Arcom and the ADLC.
«We worked for almost two years on a consolidation of the sector. This project was probably too early. We regret it“, estimated Nicolas de Tavernost. The page is now turned and M6 wants to move forward. “I am delighted to see the interest in our group. He was very strong. The group will remain the pivot of a consolidation of the French television industry. We remain attractive to local and international partners. RTL does not plan to cede control of M6. But nothing prevents us from collaborating in one form or another with other partners.».
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