RTL Group reaches agreement with CSA to enable Suez exit from M6; welcomes M6’s 2003 record result
Luxembourg, 2 February 2004 – RTL Group has reached an agreement with the CSA that will clear the way for Suez to dispose of its stake in M6.
RTL Group remains firmly committed to the long-term success of M6 and after several months of constructive dialogue with the CSA have reached agreement on changes to M6’s broadcasting license.
The main terms of the agreement are:
RTL Group, which owns a 48.4 per cent economic interest in M6, has been recognized as the principal shareholder in the group by the CSA.
RTL Group’s voting rights remain capped at 34 per cent but will be automatically lifted in the event that the 49 per cent ownership limit in French media law is removed.
RTL Group has agreed with the CSA to reserve one third of board seats for independent directors.
RTL Group has committed to maintain the independence of M6 with no change to the editorial line.
Chief executive of RTL Group Gerhard Zeiler said: ”As M6’s largest shareholder we are looking forward to continuing to work with both M6 and the CSA to further build on its track record of innovation, diversity, and commercial success. I would also like to take this opportunity to congratulate Nicolas de Tavernost and his team on the record 2003 results published last week, which are a credit to everyone at M6.”
For further information:
Press and analysts
RTL Group - Andrew Buckhurst
00352 42 142 5074
Finsbury – Julius Duncan
0044 207 251 3801
Finsbury – Katie Lang
044 207 251 3801