M6 has won its ratings bet with the 2026 World Cup, but not its financial one. Despite record-breaking viewership and France reaching the semi-finals, broadcasting the competition is expected to cost the group tens of millions of euros. This loss was anticipated by its executives, who had chosen to make the World Cup a major showcase for the channel.
An investment estimated at nearly 120 million euros
For the first time in its history, M6 was the sole free-to-air broadcaster of the World Cup in France. The channel aired 54 of the 104 matches held in the United States, Canada, and Mexico, including all of France's games, the semi-finals, the third-place match, and the final. BeIN Sports, meanwhile, broadcast the entire tournament on its pay-TV service.
The amount paid for the rights to the 2026 World Cup has not been officially confirmed, but it is estimated at nearly €120 million. This sum includes production costs, the teams sent to North America, technical resources, directing, travel, studios, and various broadcast-related taxes.
The French national team (Les Bleus) caused a ratings boom.
On television, the World Cup provided M6 with a string of ratings hits. France-Senegal drew 13,99 million viewers, representing 61,4% of the audience. Norway-France attracted 13,68 million viewers and a 62,1% audience share. Even France-Iraq, broadcast at 23 p.m. and delayed by bad weather, garnered 4,90 million viewers for a 63,1% audience share.
The results improved further during the knockout stage. France's quarter-final victory against Morocco was watched by 16,1 million people. The semi-final, a 2-0 loss to Spain, reached 20,2 million viewers and a 73,1% audience share, the highest viewership of 2026 across all channels.
The World Cup allowed M6 to reach a 12,4% audience share in June, its best monthly result in 18 years. The channel overtook France 3 and ranked as the third most-watched national channel. It also took the lead among 25-49 year olds with a 21,1% audience share, a first since May 2002.
A final without France is far less lucrative
France's elimination in the semi-finals deprived M6 of its most profitable scenario. A French presence in the final would have allowed the channel to sell its remaining advertising slots at higher prices and attract an even larger audience.
The financial loss resulting from this elimination is estimated at between five and six million euros for the final alone. The Spain-Argentina match, won 1-0 after extra time by the Spanish, still drew 12,24 million viewers and a 59,2% audience share. An excellent result, but nearly eight million fewer viewers than for the France-Spain match.
The third-place match between France and England had previously attracted 8,6 million viewers. France's run to the final weekend therefore limited losses, but did not allow M6 to recoup its entire investment.
Over €104 million in advertising revenue
Even before the semi-finals, M6 had announced it had exceeded its advertising revenue targets. The revenue generated was already higher than the €104 million earned by France Télévisions during the Paris 2024 Olympic Games.
This sum, however, remains insufficient to cover the cost of the rights and all expenses incurred. Initial estimates suggest a loss exceeding €20 million, potentially reaching tens of millions once all costs are accounted for. The final amount has not yet been publicly disclosed.
A loss accepted from the outset
David Larramendy, chairman of the board of the M6 group, had acknowledged before the start of the competition that the World Cup would not be profitable.
"We're going to lose money on this event, that's clear."he had declared during the presentation of the initiative. The executive nevertheless defended the competition's value for M6's image, its ability to bring the public together, and its attractiveness to advertisers.
The results are therefore mixed. M6 has established its name at the heart of the biggest football competition, broken several records, and attracted tens of millions of French viewers. But behind this spectacular on-air success, the financial toll is expected to exceed 20 million euros in losses and could ultimately reach several tens of millions.
