Bouygues to write down TF1 stake by 569 million euros

The Bouygues group has announced a 569 million euro accounting write-down of its stake in the audiovisual company TF1. This amount represents the entirety of the goodwill related to the participation.

As a result of this adjustment, the value of TF1 on Bouygues' consolidated balance sheet will be reduced to 2 billion euros as of September 30, 2026, which equates to 9.67 euros per share, down from 15.36 euros per share before the write-down.

The decision follows TF1 reporting its fourth consecutive quarter of significant declines in linear advertising revenue. Bouygues attributed this to global structural trends, including shifting audiovisual consumption habits and the migration of advertising investment toward digital platforms. The group also noted a lack of short-term macroeconomic and political improvements, alongside regulatory asymmetries regarding digital platforms.

The charge will be recorded as non-recurring income and will reduce the net income attributable to the Bouygues group. However, the company stated the move will have no impact on cash flow, net debt, liquidity, investment capacity, or the ability to distribute dividends. Bouygues reaffirmed that TF1 remains a strategic asset for the group.