BERLIN (Reuters) – European broadcaster RTL confirmed on Friday it was exploring the sale of its controlling stake in French broadcaster Groupe M6 as it reported a 26% slide in annual core profit due to the coronavirus pandemic.
“We are currently reviewing such options for our controlling stake in the French broadcaster Groupe M6, with a view to creating value for our shareholders,” CEO Thomas Rabe said in a statement.
Rabe, who also heads RTL’s controlling shareholder Bertelsmann, approached potential bidders in January to explore a sale of M6 as he undertakes a broader restructuring of the German publishing group.
While stating a strong case for consolidation in the European broadcasting industry, Rabe also said there could be no certainty that this would lead to any type of agreement or transaction.
(Reporting by Douglas Busvine; Editing by Riham Alkousaa)