The sale of the French DTH platform TPS to the Canal+ Group has added to the balance sheet at TF1. In its year-end financial statements the French commercial broadcaster said the 9.9% stake in Canal+ France had added €629 million to its non-current financial assets. The €253.6m received as profit from discontinuing operations included a contribution of €41.8 million from TPS up to its deconsolidation on August 31. The deal is still awaiting the approval of Further to the approval of the Minister of the Economy, Finance and Industry.
Meanwhile the TDF satellite and transmission business continues to weigh heavy on TF1. Losses reduced slightly from €54.9 million in 2005 to €53.5m in 2006.
Group revenues increased by 5.8% to €2,653.7m thanks to sustained advertising revenue and continued success with teleshopping, thematic channels in France and the international activities of the TF1-owned Eurosport. TF1 recorded net profits of €452.5m.
It has also been announced that Patrick Le Lay, who has been chief executive of TF1 for almost 20 years is to step down. Le Lay, who reaches 65 in June will stay on as chairman, but hand the day to day running of the company to Bouygues Telecom CEO Nonce Paolini in May. (JC)