M6 and Stéphane Plaza End Real Estate Partnership After 12 Years

A Split into Two Independent Entities

The shareholders of SPF Franchise have decided to split the Stéphane Plaza Immobilier and Sixième Avenue networks into two separate companies, each with its own governance and shareholder base. Following the transaction, Stéphane Plaza will hold 100% of the Stéphane Plaza Immobilier network, while M6 will strengthen its position in Sixième Avenue by holding 68% alongside the two historical co-founders, who are franchise specialists.

Stéphane Plaza will retain the leadership of his network as a new entity, while Gilles Charron will assume the presidency of Sixième Avenue. M6 states that commitments to the franchise agencies remain unchanged until the separation takes effect. The teams remain committed, and operational support is maintained.

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The proposed spin-off will be submitted to a vote at the general meeting scheduled for the end of July 2026. M6 specifies that this separation is in response to the desire of the parties to organize the transition in a structured manner, in the interest of franchisees, employees, and customers.

Sixth Avenue: The Alternative Launched in 2025

The split also marks M6's exit from the Stéphane Plaza Immobilier network, where the group had previously held the majority of the capital. This change comes after a period of tension for the brand, impacted by the slowdown in the real estate market, the departure of franchisees, and the reputational consequences of the legal case involving Stéphane Plaza.

Sixième Avenue was established in May 2025 by SPF Franchise to provide an alternative for franchisees of the Stéphane Plaza Immobilier network. In its 2025 annual results, M6 reported that the launch of this second brand, combined with departures from the SPI network, had led to a significant decrease in the number of Stéphane Plaza Immobilier franchisees.

An Impact Already Visible in M6's Financial Statements

The reorganization had already resulted in a significant accounting impact. In 2025, M6 recorded a €35.5 million impairment of the Stéphane Plaza Immobilier brand as part of its Diversifications segment. The group also mentioned non-recurring charges related to the launch of Sixième Avenue and the repositioning of its real estate franchise activities.

An Ongoing Legal Case

The context remains judicial as well. Stéphane Plaza was sentenced in February 2025 to twelve months of suspended prison time for domestic violence against a former partner, a decision he appealed. His appeal trial opened in Paris on June 26, 2026; on July 1, the public prosecutor requested six months of probationary suspended prison time and a €12,000 fine.

For M6, the operation allows the separation of two brands whose trajectories, image stakes, and franchisee bases have now diverged. The group retains a majority exposure to Sixième Avenue, while allowing Stéphane Plaza to regain sole control of his historic network. The separation still needs to be approved by the general assembly scheduled for the end of July 2026 before its definitive implementation.