BOUYGUES <BOUY.PA> TV AWARD SEEN BOOSTING GROUP
A consortium headed by the construction
group Bouygues SA has been awarded a 50-pct controlling stake
in French state television network TF1, which stock market
analysts said represented a major boost for Bouygues.
    The Bouygues-led consortium was widely regarded as the less
likely of the two candidates in contention to be awarded the
three billion franc stake by the National Commission for
Communications and Liberties (NCCL), the French television
watchdog authority.
    The losing candidate was a consortium headed by publishing
group Hachette SA <HACP.PA>.
    The NCCL decision awarded the Bouygues consortium a 50-pct
controlling stake in a company which will have a 10-year
operating concession for TF1, France's oldest and most widely
watched television network.
    Independent market analysis group C.O.P.S. In a note on
Bouygues said the award would represent a major diversification
for the group out of the highly cyclical construction industry
into the rapidly expanding media business.
    Bouygues in February said it estimated 1986 group net
attributable profit at 480 mln francs, up from 443 mln for
1985, on consolidated turnover of 45.8 billion francs, up from
26.3 billion.
    The sharp rise in turnover reflected the groups acquisition
of the loss-making SCREG construction group last year.
    Bouygues closed on the Paris stock market at 1,451 francs
on Friday, up from 1,405 the previous day, but well below its
year's high of 1,475.
    Hachette closed at 3,280, up from a previous 3,250.
    Bouygues holds a 50-pct stake in the winning consortium,
giving it a 25-pct stake in TF1.
    The U.K.-based <Pergamon Media Trust> of Robert Maxwell has
a 20-pct stake in the consortium, representing a 10 pct stake
in TF1, while <Maxwell Media France> has a six pct stake, or
three pct of the television network.
    Minority shareholders in the consortium include the
<GMF/FNAC> group, Societe Generale <SGEN.PA>, <Editions
Mondiale>, the <Groupe Bernard Tapie>, <Financiere Faltas>,
<Banque Indosuez> and Credit Lyonnais <CRLP.PA>.
    The remaining 50 pct of TF1 is to be split between a 40-pct
stake to be offered to the general public and a 10-pct stake to
be offered to employees.
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