French commercial broadcaster TF1 has completed the acquisition of female lifestyle digital media provider Aufeminin Group from Axel Springer and named Olivier Abecassis as CEO of the unit.
Following regulatory approval, TF1 has completed the purchase of a 78.07% majority stake in the group from Axel Springer at a price of €39.47 a share and has made a public offer for the balance of the shares.
Abecassis, TF1’s chief digital officer, replaces Marie-Laure Sauty de Challon as CEO of the group. Other members of the Aufeminin management team remain in place, including deputy managing directors Agnès Alazard and Christophe Decker and finance chief Patrick Caetano.
TF1 made a firm offer for the digital media group in December. The final price is slightly higher than the original offer, under which TF1 planned to pay €37.74 a share.
Aufeminin owns brands including Joyce, Lonny, Marmiton, My Little Paris, Netmums, Onmeda, StyleBistro and its eponymous Aufeminin portal. These brands target a combination of both French and international audiences.
Last week TF1 posted Q1 revenues of €499.3 million, down 0.8% year-on-year, and an operating profit of €38.3 million, up 1.4%.
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