TF1 published its nine-month financial statements at the end of last week. They show that advertising sales are more than resisting: compared with the same period last year, they are up 2.2% on the linear segment, and 39% on the streaming segment.

Streaming remains marginal - accounting for less than 7% of advertising revenues - but it should be remembered that the TF1+ application was only launched earlier this year.

Accessible free of charge and financed by advertising, TF1+ has 34 million streamers. Its expansion should continue apace, thanks to the content aggregation strategy implemented with partners such as L'Equipe, Le Figaro and Arte.

In this respect, the significant 3% drop in TF1's consolidated operating profit is mainly due to its content production activity. Newen Studios launches new projects, and bears the high start-up costs.

TF1 has high ambitions for Newen, which earlier this year welcomed its new CEO Pierre Branco, ex-Warner Bros. In a different audience category, Newen intends to step up its game against Canal+.

Earnings are stable, therefore, as is the net cash position of EUR365 million - almost to the euro, identical to last year at the same time - and the group's audience performance across its various channels. This, notably, despite the fact that France Télévisions was covering the Olympic Games.

TF1's audience figures remain well above those of its rival M6. With a dividend yield - still very well covered - of 7.5% and a share price eight times earnings, the group enjoys a valuation premium over Métropole Télévision.

TF1 has ensured growth in its business perimeter over the last decade, unlike Métropole, which is valued at seven times earnings and a dividend yield of 11%. Sales, however, stagnated steadily over the period.