Regulators should allow European media companies to pursue mergers and partnerships if they are to have any chance of competing with US streaming giants, the head of one of the continent’s largest TV, radio, and publishing groups has said.
Thomas Rabe, chief executive and chairman of Bertelsmann, told the Financial Times that the economic impact of coronavirus on the industry had strengthened his view that it will be necessary to redraw the European media landscape.
“There is a strong case and a need for consolidation,” he said. “I’m convinced that partnerships are more important than ever, especially after the coronavirus, which hurt European TV broadcasters and has helped the US streaming platforms.”
Streaming services such as Netflix, Amazon Prime, and Disney+ have had their subscriber numbers and revenues boosted as lockdowns worldwide meant millions more turned to watching content online.
Although audiences also grew among European TV broadcasters for the same reason, these groups have suffered from a sharp drop-off in advertising. On Thursday, August 13, the Bertelsmann division RTL Group, Europe’s largest broadcaster, reported a 16.4% fall in revenue to €2.7 billion (US$3.2 billion) in the six months to June. Net profit slumped 65% to €156 million (US$184.7 million).
Full Content: Financial Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google ExecAdmitted Firm’s Goal Was to “Crush” Digital Ad Rivals, According to Court Docs
Sep 11, 2024 by
CPI
Former Michigan Football Stars File $50 Million Antitrust Lawsuit Against NCAA
Sep 11, 2024 by
CPI
Oasis Fans Could Be in Line for Ticket Refunds Amid Antitrust Concerns
Sep 11, 2024 by
CPI
FCC Chair Calls for More Competition to SpaceX’s Starlink Network
Sep 11, 2024 by
CPI
Singapore Salon Director Jailed for Contempt in Consumer Protection Case
Sep 11, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Canada & Mexico
Sep 3, 2024 by
CPI
Competitive Convergence: Mexico’s 30-Year Quest for Antitrust Parity with its Northern Neighbor
Sep 3, 2024 by
CPI
Competition and Digital Markets in North America: A Comparative Study of Antitrust Investigations in Mexico and the United States
Sep 3, 2024 by
CPI
Recent Antitrust Development in Mexico: COFECE’s Preliminary Report on Amazon and Mercado Libre
Sep 3, 2024 by
CPI
The Cost of Making COFECE Disappear
Sep 3, 2024 by
CPI