RTL Group’s board and the board of RTL-backed French broadcaster M6 have agreed a price for the latter’s acquisition of RTL’s French radio assets as part of the move by RTL to combine its French broadcasting activities in a single entity.
The two boards have agree a purchase price for the radio unit of €199.8 million on a debt and cash-free basis – lower than the €216 million announced in December.
JP Morgan provided an updated fairness opinion to the RTL Group board relating to the planned transaction and the fairness of the consideration to be received by the group.
The deal is still subject to approval by French media watchdog the CSA. The Luxembourg government approved the agreement at the end of March.
RTL is M6 Group’s principal shareholder, with a 48.26% stake. Under the terms of the deal M6 plans to acquire 100% ownership of RTL Group’s French radio assets – RTL, RTL 2, Fun Radio, and advertising sales house IP France.
M6 will have the right to use the RTL trademark for its radio services under licence.