On September 16 2022, France’s leading TV broadcasting group Bouygues (TF1) withdrew its project to acquire sole control of Métropole Télévision (M6) after a phase 2 investigation by the French Competition Authority (ADLC).

The ADLC indicated notably that the acquisition raised concerns in the markets for TV advertising and video broadcasting rights. In particular, the ADLC noted that online video advertising was not sufficiently substitutable to TV advertising to offer a credible alternative for advertisers, and that the remedies offered by the merging Parties were insufficient to offset the Authority’s concerns.

A CRA team including Laurent FlochelRomain Bizet, and Adam Samson advised French radio and TV broadcasting group NRJ, one of the lead complainants. The CRA team provided the ADLC with quantitative analyses on the delineation of the relevant market for TV advertising and on the potential adverse effects of the acquisition project on the affected markets. The CRA team also provided analyses on the proposed remedies.

For more details, please see the ADLC’s press release here.