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PARIS — France’s TV broadcasters TF1 and M6 have determined to surrender their controversial merger plans, they introduced Friday.
“Following the discussions with the [national competition authority] and regardless of the extra treatments proposed, it seems that solely structural treatments regarding at the very least the divestiture of the TF1 channel or the M6 channel would permit the transaction to be approved,” they wrote in a joint assertion.
The plans, introduced final 12 months and backed by the Elysée Palace and public broadcaster France Télévisions, aimed to create a broadcasting powerhouse in a position to compete towards U.S. streaming giants similar to Netflix. The brand new firm would have owned about 70 p.c of the nation’s TV promoting market, which raised competitors considerations.
The businesses’ choice follows two days of hearings with the nation’s Autorité de la concurrence. TF1 and M6 are owned by French firm Bouygues and RTL Group (itself owned by German media conglomerate Bertelsmann), respectively.
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