Auditioned in the Senate, the owner of "Echos", "Parisien", "Radio Classique", or "Investing" via LVMH pretended to be a press patron. He supported the announced merger of TF1 and M6 and denied "under oath" making an offer on "Le Figaro."
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| Bernard Arnault, Wednesday, before the Cultural Affairs Committee of the Senate. (Derajinski Daniel/Abaca via Reuters) |
Bernard Arnault, CEO of LVMH, testified before the Senate as part of a committee of investigation investigating media consolidation, posing as a patron of the press and emphasizing the need of this sector having big owners.
The owner of the Les Echos – Le Parisien group, Radio Classique, and "Investing" through LVMH indicated that he spent "little time" to this activity that he "would rather put on the side of sponsorship."
Faced with the digital giants, "the sustainability of the traditional titles we are talking about today is far from being assured in the long term", he estimated. And, according to him, “it would be even less so if these media did not have powerful shareholders”.
Favourable to TF-1 M6 fusion
When asked about the announced merger of TF1 and M6, he said he supported it. "I believe they are correct," he said, emphasizing the necessity of promoting a French organization in the media in the face of competition from new Internet companies.
"The problem with television is the emergence of global competition from YouTube and Netflix," predicted the leader, who admitted "not knowing the subject" but reacted with a "entrepreneur instinct."
"I'm not here to defend TF1, but they're already obviously ahead on television news, with M6 trailing in this area." [Moreover,] in order to combat these platforms, we must pool our resources. Sports and films pique the interest of television viewers: larger means are required. Do we want Amazon to show French football? he asked. He also stated that he had not researched the acquisition of M6.
Another incentive to allow the two groups to come closer is advertising, which is shifting from conventional media to the Internet, with LVMH participating as an advertiser.
Freedom of expression
Bernard Arnault spoke before the Senate's Cultural Affairs Committee, which is looking at media plurality in France in order to draft legislation. According to him, pluralism persists, and the influence of merging operations such as TF1-M6 should not be overstated.
"I don't see how such activities will undermine basic freedom in France," Bernard Arnault added. It wouldn't fit with the French spirit. [...] We live in a country where people have a lot of freedom to express themselves. »
He urged senators to avoid introducing too many "extra restrictions" that would be "unfavorable to the projects." "The French must invest in start-ups in order to be part of the next wave," he stated. A new one has emerged, involving the metaverse and NFTs.
In the press, Bernard Arnault stated that the titles in his possession had "most frequently been presented to the group." "Would they have made it?" "You'll let me doubt it," he went on. He also denied making a bid to buy the "Figaro," as reported in the newspaper "Le Monde." "I affirm that is false, and I declare it on oath," he stated.
Hearings with the French media's top executives or owners will continue in the coming weeks. By the end of March, the Senate plans to present a report on media concentration.