Barclays announced on Tuesday that it had downgraded its recommendation on M6 shares from 'in-line weighted' to 'underweight', citing in particular the current economic uncertainties.

In a study devoted to the European media sector, the analyst points out above all that the share has outperformed TF1 by 27% since mid-October, a phenomenon he attributes to the acquisition of a 5% stake by CMA CGM, one of the world's largest container carriers.

In addition to these factors, the intermediary stresses that its contacts with French advertisers suggest that advertising spending is likely to fall by 5% to 10% in France in the first quarter.

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