Not immediately but why not … Orange and Bouygues are open to a discussion on TF1, according to our information. It would focus on the hypothesis of a minority stake of the incumbent in the capital of the chain, in the order of about 10%. For now, this issue is not at the heart of negotiations between the two companies, which deal with terms of a merger between Orange and Bouygues Telecom. But TF1 should be discussed later
The tone has changed. Sunday, January 3rd, the sources close to the confined themselves to declare TF1, which was presented by articles as part of the negotiations, was excluded. Earlier in December, following the publication of the first information on the possible marriage Bouygues Telecom-Orange, Nonce Paolini, CEO of the chain, had established what remains the official line: “The hypothesis of a redemption TF1 by Orange out of nowhere, it’s a curiosity. “
Tuesday, Stéphane Richard, CEO of Orange, had a much more nuanced discourse: ” p our now, we discuss telecom is already complicated enough as it is “, he said on RTL. But “it is true, moreover, that in the world of telecommunications, the question of any mergers between the major players in the content, including image and telecom arises again , he added. I think we should leave the door open, but I can confirm very clearly that for now it is not the topic. “
A ‘semi-nationalization”
Currently, trade between the two companies’ staffs, assisted by banks business, focus on the valuation of operators and governance of an operation that would enter Orange Bouygues capital. TF1 is a peripheral element of the negotiations, which should continue for several weeks.
Orange stake in the chain of the Bouygues group would have the benevolence of the Elysee Palace, according to The Duck chained. For the weekly, entrance to the capital of a private channel by an incumbent operator in which the state still holds 24% could even be likened to a “semi-nationalization” . The operation could be sensitive to a year and a half of the presidential election.
Asked about the will of the executive Stéphane Richard spoke of “ completely free speculation “. “ The state is obviously vigilant because it is the largest shareholder of Orange he assured RTL. There is absolutely no kind of ulterior motive to that side. And then we look at the industrial relevance and the strategic interest of Orange, its shareholders and its customers. “
Convergence between media and telecom
Orange as Bouygues, sources interviewed highlight the convergence between media and telecoms to motivate discussions on TF1. It is rather an evolution because the two actors have not recently been in the vanguard of this trend, based on faith in the synergy between “content” and “pipes”.
Bouygues is known for never having initiated reconciliations pushed between his telecom operator and TV station, believing that their development could be hampered by too exclusive agreements. But having the support of Orange could eventually allow it to build distribution partnerships and bring him a reinforcement in the digital domain, says a source close to the matter. The welcome with low participation avoids transfer all or part of control and take the consequences. “There is no issue for the government is the smart partnership between two companies” believes that source.
Orange has it gone far enough in convergence with the launch of Pay TV, in sports and in the cinema, but rather income in recent years, leaving only OCS (Orange Cinema Series). By absorbing Bouygues Telecom, the former state monopoly proves player in the consolidation of the sector. Putting one foot TF1, he would follow the movement initiated by most of its competitors, patrick drahi (LICO-Numericable, NextRadioTV …) Vincent Bolloré (Vivendi, Canal +, Telecom Italia …), via Xavier Niel (Free, Telecom Italia, Le Monde …).
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