TV: Mediaset is back in the race to acquire the French M6 from the German Rtl

Rtl has interrupted negotiations with the French Tf1 and has a few months to conclude the deal - Mediaset had already made a generous offer and now the track could reopen

Mediaset rush back to buy French TV M6, on which the negotiations between the suitor have just stopped Rf1 and the German owner RTL. In May 2021 Mfe, the Cologno TV group headed by the Berlusconi, had already tried to make an offer for the transalpine broadcaster. Now the reopening of this possibility gives wings to the share on the Stock Exchange: on the day of the ex-dividend (0,5 euro), the Mfe category A shares rose by 5% (0,37 euro) and those B with a vote increased by 7,36% (0,49 euros).

The wreck of the French track

The French Antitrust had made it clear that it did not welcome the marriage between Tf1 and M6, reserving the right to decide by 17 October. But surprisingly, a month early, Rtl announced on Friday that it had interrupted negotiations with Tf1, reserving the right to decide shortly on the fate of the 48,3% of M6 it has in its portfolio.

Tight times

The German company was ahead of its time because it has only three months to sell the stake in French TV: in fact, with the renewal of the M6 concession, a commitment not to sell for 5 years will be triggered. The negotiation must therefore be concluded quickly, so it is reasonable to think that Rtl no longer wants to risk having problems with the French Antitrust and prefers to focus on a foreign buyer. And Mfe seems to be in pole position, which made a more than generous proposal a year and a half ago.

The cards in Mfe's hand

Of course, in the new economic context it is difficult for the May 2021 offer to be renewed, but - as in the case of the takeover bid in Spain concluded in July - Mfe could offer Rtl a mixed offer in cash and shares, involving the Germans both to the relaunch of M6 and to the operation in Germany on Prosiebensat. Mfe is in fact the first shareholder with 25% of the capital (and an option to increase up to 29,9%) of Rtl's main rival at home.

In fact, Pier Silvio Berlusconi's goal has always been to create a European content platform to avoid being overwhelmed by Amazon and Netflix, which also threaten competition on the television advertising market.