M6: Enters into exclusive negotiations for the sale of Football Club Les Girondins (
M6: (NEUTRAL, Fair Value EUR23.5 (+34%))Enters into exclusive negotiations for the sale of Football Club Les Girondins
On Friday evening, M6 Group announced it is entering into exclusive negotiations for the sale of Les Girondins Football Club. We view the operation as very positive for M6, as it improves its profitability, balance sheet and visibility. We expect positive stock reaction from the news, but we do not believe it fundamentally changes the investment case around the group.
Co. is engaged in the media industry, primarily television edition & broadcasting. Co.'s operations can be divided into three segments. In the Free-to-Air segment, Co. operates a Free-to-Air terrestrial TV network, financed exclusively by advertising. In the Digital TV segment, Co. broadcasts many digital channels. In the Diversification & audiovisual rights segment, Co. purchases audiovisual rights. Co. is also engaged in distance-selling business, allows viewers to play an active role in the unfolding of programs proposed to them, develops mobile phone content; publishes a family of websites, organizes events & shows, & manages football Club des Girondins de Bordeaux.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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