Digest: MidOcean Partners to Acquire GSTV; Zuckerberg Considered Spinning Off Instagram

In today’s Digest, we cover MidOcean Partners’ plans to acquire GSTV, Zuckerberg’s past consideration of spinning off Instagram amid antitrust concerns, and the Bertelsmann CEO’s renewed push to revive a £3.1bn merger with French broadcaster

MidOcean Partners to acquire GSTV

MidOcean Partners has announced an agreement to acquire GSTV (Gas Station TV) from Rockbridge Growth Equity, the Detroit-based private equity firm backed by Dan Gilbert, founder of Rocket Companies.

According to MidOcean’s CEO, the deal marks the first change in ownership for GSTV in over a decade. Rockbridge has held the company since 2014, overseeing its growth as a leading national video network reaching consumers at fuel retailers across the US.

Zuckerberg considered spinning off Instagram

According to an internal email revealed during a US antitrust trial, Meta CEO Mark Zuckerberg once considered spinning off Instagram from its parent company, citing concerns over potential antitrust scrutiny. The email, dated 2018, was presented on the second day of the Federal Trade Commission’s (FTC) case alleging that Meta has illegally monopolised the social media market. In the message, Zuckerberg wrote that he was starting to consider whether separating Instagram might be the only way to achieve the company’s strategic goals. Zuckerberg added that, while most companies resist being broken up, ‘the corporate history is that most companies actually perform better after they’ve been split up.’

Bertelsmann CEO aims to revive €3.6bn (£3.1bn) merger

CEO of Bertelsmann Thomas Rabe, is looking to revive the shelved €3.6bn (£3.1bn) merger between French broadcasters M6 and TF1, as EU regulators begin to signal a softer stance on corporate consolidation. The proposed deal, originally abandoned in 2022, would unite France’s two largest private broadcasters Bertelsmann-owned M6 and TF1, owned by French conglomerate Bouygues. Rabe told the Financial Times that the merger would be "highly synergistic" and create a “true French TV and streaming champion”, capable of competing with global streaming giants such as Netflix and Apple TV+.

Regulators previously blocked the deal over concerns it would give the merged entity too much control of the TV advertising market, unless one of the main channels was sold.