France begins restructuring of public TV/radio

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The French government is looking to save some €500 million by 2023 in the running costs of its sprawling state-backed TV and radio services.  A restructuring exercise is beginning this week.

Local commentators say that this is likely to see some of the smaller TV networks being closed and the combination of some radio and TV services. The aim is to use some of the savings in better quality programming.

Equity analysts at investment bank Exane/BNPP say this could be good news for commercial broadcaster TF1 as well as M6.  “A major restructuring of French public audiovisual is likely to result in some disruption, which could benefit to TF1 and M6 in terms of audiences. Also, less financial [support] could mean less competition for TV rights. We view this announcement as a small positive for both [TF1 and M6] groups,” says a note from the bank.


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