Lagardère confirms sale of channels to M6

Gulli’s Oggy et les Cafards

Lagardère has confirmed a deal to sell its TV channels to RTL-owned M6 Group for €215 million.

Lagardere said that the pair had signed an agreement to transfer its portfolio of channels with the exception of classical music service Mezzo.

The sale of its TV channels will see Lagardère refocus its activities on its publishing and travel retail arms.

M6 will take over flagship kids channel Gulli along with Canal J, TiJi, Elle Girl TV, MCM, MCM Top, RFM TV and associated advertising sales activities. Gulli, seen as the jewel in the crown of the portfolio, recently reported a 16.4% share of the 4-14 year-old audience in France.

The relevant TV channels turned in revenues of around €98 million in 2017.

Lagardère announced in February that it was in exclusive talks with M6 for the sale of the channels. The company is involved in a separate sales process for Mezzo.