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to download the 2012 registration document. - Groupe M6

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RISK FACTORS AND MANAGEMENTc) Exclusive takeover of Direct 8, Direct Star, Direct Productions, Direct Digital and BolloréIntermédia by Vivendi and CANAL + GroupIn a decision dated 23 July <strong>2012</strong>, <strong>the</strong> Competition Authority authorised <strong>the</strong> exclusive takeover of <strong>the</strong>companies Direct 8, Direct Star, Direct Productions, Direct Digital and Bolloré Intermédia by VivendiCANAL + Group. <strong>M6</strong> Group lodged an appeal against this decision <strong>to</strong> <strong>the</strong> Conseil d’Etat.<strong>M6</strong> Group also lodged an appeal <strong>to</strong> <strong>the</strong> Conseil d’Etat against <strong>the</strong> CSA’s decision dated 18 September<strong>2012</strong> authorising, under Article 42-3 of <strong>the</strong> Law of 30 September 1986, <strong>the</strong> sale <strong>to</strong> Canal Plus Group of<strong>the</strong> Direct 8 and Direct Star companies.d) Settlement of a dispute before <strong>the</strong> Conseil Supérieur de l’AudiovisuelWithin <strong>the</strong> framework of a referral <strong>to</strong> <strong>the</strong> CSA by France Télévisions, relating <strong>to</strong> <strong>the</strong> positioning of <strong>the</strong>France 5 TV channel in <strong>the</strong> new national service plan of <strong>the</strong> Numéricable cable opera<strong>to</strong>r, <strong>the</strong> ParisPremière channel which had effectively been granted <strong>the</strong> 5 th channel claimed by <strong>the</strong> public service wasparty <strong>to</strong> settlement agreement in 2010. The CSA ruled in favour of Numericable, in a ruling dated 9November 2011, which rejected <strong>the</strong> request for dispute settlement from France Télévisions and thusruled in favour of Paris Première who retains channel no 5 on Numericable. France Télévisions lodged anappeal against this decision <strong>to</strong> <strong>the</strong> Conseil d’Etat.e) O<strong>the</strong>r appeals before <strong>the</strong> Conseil d’EtatAs regards <strong>the</strong> appeals of <strong>the</strong> authors’ and producers’ unions contesting <strong>the</strong> investment levels made by<strong>M6</strong> in production in 2009, <strong>the</strong> Conseil d’Etat agreed with <strong>the</strong> CSA, ruling that <strong>the</strong>se investments satisfied<strong>the</strong> channel’s obligations and rejected all <strong>the</strong> unions’ demands. From 2010, <strong>M6</strong> thus continued itsinvestments without additional charges.In addition, <strong>the</strong> Conseil d’Etat rejected <strong>the</strong> interim application submitted by several local televisionchannels relating <strong>to</strong> <strong>the</strong> new numbering allocated by <strong>the</strong> CSA <strong>to</strong> <strong>the</strong> DTT HD channels selected in <strong>2012</strong>.Consequently, 6ter could be launched immediately on channel 22 as early as 12 December <strong>2012</strong>. The<strong>M6</strong> Group had given its backing <strong>to</strong> <strong>the</strong> regulation authority before <strong>the</strong> Conseil d’Etat which must now ruleon <strong>the</strong> substance of <strong>the</strong> case.Lastly, <strong>M6</strong> Group contested <strong>the</strong> absence of its compensation channel, an award which, as set out in <strong>the</strong>law, is possible since <strong>the</strong> phasing out of analogue broadcasting.The financial risks arising from all <strong>the</strong> matters in progress, with <strong>the</strong> most significant described above, wereestimated prudently and provided for where required in <strong>the</strong> financial statements of <strong>the</strong> Group (see Note28 <strong>to</strong> <strong>the</strong> consolidated financial statements).To date, <strong>the</strong>re are no governmental, legal or arbitrage procedures, including any procedure known <strong>to</strong> <strong>the</strong>Company, that is pending or of which it is threatened, which is likely <strong>to</strong> have or having had a significanteffect in <strong>the</strong> last twelve months on <strong>the</strong> financial position or profitability of <strong>the</strong> Group.<strong>M6</strong> GROUP - <strong>2012</strong> REGISTRATION DOCUMENT - 127

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