TF1 rethinks acquisitions policy
U.S. series may profit from downturn
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The measures, outlined Thursday by chairman-CEO Nonce Paolini, may be good news for U.S. studios, whose series are considered more cost effective than French productions.
It comes after TF1 shares dropped 18% Thursday morning, after publication of 2008 results. Net profit plunged 28% to $205 million, with revenue falling 5% to $3.2 billion. TF1 issued a revenue warning for 2009, forecasting a 9% drop in sales.
Paolini went into little detail about what acquisitions he was targeting. His presentation to analysts, webbed Thursday, gives out mixed signals.
On movie, series and sports buys, TF1 will be “more selective,” it said, adding that 50 acquisition deals are under renegotiation, saving an estimated $6 million a year.
TF1 is unlikely to ramp down U.S. acquisitions drastically.
Only a few years ago, TF1’s primetime ratings were driven by French fiction, such as thriller “Dolmen” and procedural “Julie Lescaut.”
But last year, 57 episodes of TF1-aired U.S. series made Gaul’s top 100 broadcasts, vs. 13 episodes of French fiction. “CSI Miami,” CSI Las Vegas,” “Criminal Minds” and “House” lead TF1’s U.S. imports.
“U.S. acquisitions shouldn’t suffer with the cuts. Some observers think TF1 could air more, even on Friday or Saturday nights, to replace French entertainment shows, which are much riskier bets,” said Bertrand Villegas, an analyst at Paris’ The Wit.
