Groupe Canal Plus Acquisition of OCS and Orange Studio

Analysis Group was retained on behalf of French media company Groupe Canal Plus in connection with its prospective acquisition of pay TV platform OCS and film and television co-production company Orange Studio, both subsidiaries of the French telecommunications company Orange SA. The French Competition Authority (FCA) investigated the prospective merger to evaluate concerns related to the horizonal and vertical overlaps of the parties.

An Analysis Group team led by Managing Principal Antoine Chapsal, Principal Emmanuel Frot, and Manager Mario Luca supported Groupe Canal Plus through a Phase I investigation by providing an evaluation of the market as well as the vertical and horizontal effects of the merger. Analysis Group presented multiple analyses demonstrating that streaming platforms exert strong competitive pressure on cable broadcasters, ultimately causing the FCA to adopt a new market delimitation for pay TV, including both cable and streaming services. The acquisition was finalized after Groupe Canal Plus obtained conditional clearance from the FCA.