France-based media group M6 has spun off its catch-up television and streaming platforms under a brand called Bedrock, with fellow media group RTL set to take a 50% stake in the business.
The transaction remains subject to a consultation of employee representative bodies. Financial terms were not disclosed.
Founded in 1987, M6 operates free-to-air and premium television channels as well as radio stations in France in addition to film, television and news production units.
Bedrock comprises both M6 Replay, the catch-up service launched by M6 in 2008, and a streaming platform called 6play that it formed in 2013. Its underlying video-on-demand (VOD) technology is already used by several RTL television channels.
The company expects to license its offering to clients outside RTL and the technology will also power Svalto, a streaming service set to be introduced by M6 in partnership with domestic peers TF1 and France Télévisions in June 2020.
Bedrock intends to will use the funding to become a European market leader in streaming technology. It will be led by Jonas Engwall, who has previously held various positions with RTL, most recently as senior vice-president of global operations management for video on demand.
The company said it may seek additional investment in future but did not offer further details. RTL, itself a publicly traded subsidiary of media conglomerate Bertelsmann, is the largest shareholder in M6 and currently owns a 48.3% stake.
