German media conglomerate Bertelsmann is considering reviving a previously abandoned €3.6 billion ($4.15 billion) merger between French broadcasters TF1 and M6, according to CEO Thomas Rabe in a recent interview with the Financial Times. The renewed ambition comes amid signals that the European Union may soon adopt a more flexible regulatory stance toward corporate consolidations.
Originally announced in May 2021, the proposed merger aimed to consolidate TF1, owned by French industrial group Bouygues, and M6, a subsidiary of Bertelsmann’s RTL Group, into a single media powerhouse capable of competing with international streaming giants like Netflix and Apple TV+. Under the initial terms, Bouygues would have held a controlling 30% stake in the merged entity, while Bertelsmann would have become the second-largest shareholder with a 16% stake.
However, the merger was scrapped in September 2022 after France’s Competition Authority signaled that only major structural remedies—such as divesting either the TF1 or M6 channel—would satisfy regulatory concerns. Despite proposing various remedies to address competitive risks, the parties concluded that the merger had lost its strategic appeal under the constraints imposed.
In his comments to the Financial Times, Rabe expressed confidence that a renewed effort could materialize within the next two to three years, contingent on a more receptive regulatory environment. “As soon as regulators indicate they are willing to take a more open-minded approach,” Rabe noted, “we would be prepared to revisit the merger.”
Bertelsmann confirmed Rabe’s remarks, adding weight to speculation that shifting EU policy could pave the way for revived deal-making. Earlier this year, the European Commission announced plans to propose at least five legislative packages aimed at reducing red tape and encouraging investment, signaling a potential softening of its regulatory framework.
Still, legal obstacles remain. Under current French law, television channels cannot be sold within five years of a broadcast license renewal. Both TF1 and M6 renewed their licenses in 2023, pushing any potential merger attempt beyond the near term. Additionally, approval would be required from France’s broadcast regulator, Arcom.
Despite these hurdles, Bouygues has publicly endorsed Rabe’s perspective, stating that a combination of TF1 and M6 “still had merit when the legal and regulatory conditions permit it.”
TF1 and M6 jointly posted revenues of €3.7 billion in 2024, according to Financial Times reporting. Proponents of the deal argue that merging their resources would create a national streaming champion with sufficient scale to counter the growing dominance of foreign tech and media platforms.
While the 2022 collapse of the deal marked a setback for European media consolidation, the evolving regulatory landscape may soon offer a second chance for TF1 and M6 to reshape the French audiovisual sector—on their own terms.
