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Last updated : 12/11/2026 - 10h35
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Online advertising: TF1, M6 and France Télévisions fear losses of up to €180 million

La Filière Audiovisuelle (LaFA), which brings together 27 members including the TF1 group, the M6 group and France Télévisions, estimated on November 12, 2026 the revenue shortfall that could affect broadcasters. Depending on the rate that is retained, it could reach €60 to €180 million for television publishers, both public and private.


Online advertising: TF1, M6 and France Télévisions fear losses of up to €180 million

A minimum investment level imposed on advertisers for the press

The text in question is a bill presented by the Government in the Council of Ministers on November 10. It aims to steer part of digital advertising investment towards press publishers by requiring advertisers to make a minimum level of investment with general and political information (IPG) news websites.

The terms and rate of this obligation would be set by decree. For LaFA, the measure is “not neutral” for broadcasters and risks shifting advertising budgets away from television.

The organisation also notes that the mechanism departs from the initial proposal of the États généraux de l'information. That proposal favoured transparency regarding advertisers' investments rather than an obligation to direct spending, and covered a broader scope than press publishers alone.

LaFA calls for the opening of television advertising to mass retail

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LaFA links this bill to the Government's refusal to open television advertising to promotional operations by mass retailers, a request it describes as “long-standing, well-argued and legitimate”. It describes this approach as a “double standard” policy which, in its view, “is no longer tenable”.

Its members also regret that the public consultation launched by the Ministry of Culture on amending the 1992 decree on advertising would, as it stands, maintain the sector-specific bans applicable to television. They believe international digital platforms are not subject to the same constraints.

LaFA calls on parliamentarians to “correct a draft that is too unbalanced” and to “restore room for manoeuvre to all media in the face of the growing capture of advertising value by major digital platforms”. Founded in November 2024, it brings together publishers, authors' unions and producers.



Sector Médias et publicité › Media


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Context

Period
  • Period: 9M 2026
Key reported figures
  • Revenue: 1 454 millions d'euros
  • Quarterly revenue: 1 454 millions d'euros
  • Revenue growth: -9 %
  • Net income: 71,2 millions d'euros
  • Free cash flow: 16 millions d'euros
  • -382,2 millions d'euros
Guidance from the release
  • « Confirmation des objectifs 2026, dans un contexte de visibilité toujours limitée » ; « Le T3 2026 marque un quatrième trimestre consécutif de recul plus prononcé qu'anticipé du marché de la publicité linéaire »
Outlook / guidance
  • Management commentary: Croissance soutenue à deux chiffres du chiffre d'affaires digital en 2026 ; Viser une politique de dividendes en croissance dans les prochaines années ; le Groupe entend maintenir en 2026 sa marge des activités hors plus-values à un niveau « mid-to-high single-digit », selon l'évolution du marché linéaire.

The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.

Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.

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