French TV groups TF1 and M6 have reached a pact to buy France Televisions’ stake in Salto, the streaming service they jointly launched in 2020, if their proposed merger gets anti-trust approval.
France Televisions, a French public broadcaster said that it wanted to exit Salto if TF1 or M6 announced their merger plans. Salto is held by each TV group in equal shares.
Under TF1 and M6’s agreement, which was announced during Series Mania on Thursday, the two companies would buy out France Televisions’ 33-percent equity interest in Salto which is valued at €45 million. “The new group would then own 100% of Salto, enabling it to develop a streaming project,”TF1 & M6.
“Salto will remain under the joint control of its three shareholders throughout 2022 to facilitate the ongoing development of the platform, in line with undertakings made in connection with French Competition Authority decision,”In a joint release, TF1 was added to the list along with M6.
There are more to come.