Insights from Our Latest Business Talk: The TF1-M6 Merger Case

At Toulouse School of Economics (TSE), we take pride in fostering meaningful exchanges between our students and alumni, providing opportunities to learn from real-world experiences. Our latest Business Talk welcomed Matthieu Lapeyre (Class of 2015, Competition Economist at Deloitte), who delivered an insightful session on a fascinating case study in competition economics: the proposed merger between TF1 and M6.

"It's always a pleasure to come back to my alma mater and exchange with current students of the school," Matthieu Lapeyre shared in his introduction, reflecting his enthusiasm for engaging with the TSE community.

A Deep Dive into the TF1-M6 Merger Case

The session provided an in-depth analysis of one of the most debated corporate moves in the French media landscape. As summarized in the event’s abstract:

"Come and join us for an engaging session as we delve into the case study of the highly debated merger between TF1 and M6, two giants of the French television landscape. Discover the strategic motivations behind this ambitious project and the reasons that led to its eventual abandonment at the end of 2022.

But the story doesn't end there. We'll provide an in-depth overview of the advertising market's evolution since the merger fell through. How have broadcasters and advertisers adapted? What new trends and challenges have emerged? Whether you are curious about media strategies, market disruptions, or the future of television advertising, this conference promises to provide valuable insights and foster lively discussions.

We look forward to your participation in this insightful examination of past events and current market dynamics."

Key Takeaways

During the talk,  Matthieu Lapeyre emphasized fundamental concepts of competition economics, particularly the importance of defining the relevant market—a critical step in assessing the competitive impact of a merger.

"Once you have defined the relevant market, it's possible to identify all the firms that are active on it, calculate their market share, assess their market power, and analyze the potential impact of a merger. When I talk about market power, I mean the ability of companies to set prices higher than the competitive level in a profitable way."

By applying these principles to the TF1-M6 case, he demonstrated how competition authorities evaluate such projects and what ultimately led to the merger’s abandonment.

The Future of the Media Landscape

Beyond the merger, the discussion explored how the French television industry has evolved in response to its failure. New market trends, shifts in advertising strategies, and emerging competition from digital platforms were all central to the conversation. The insights gained from this session will undoubtedly help students better understand the complexities of media economics and competition law.

We sincerely thank Matthieu for his time, expertise, and continued support of the TSE community. His passion for knowledge-sharing and engagement with students embodies the spirit of our alumni network.

Stay tuned for more Business Talks, where our alumni bring their expertise back to campus to inspire the next generation!