SFR, one of the historical pillars of the telecommunications market in France, is going through a period of major turbulence. Since the summer of 2023, the operator has lost nearly 1.5 million subscribers, a decline that is accelerating. This sharp drop can be explained by several factors.
Thus, the unilateral price increases, often misunderstood by customers, have generated deep resentment. Moreover, a customer service deemed unresponsive has worsened the brand’s image deficit. Additionally, an offer less clear than those of its competitors has contributed to this situation.
Meanwhile, the parent company Altice, founded by Patrick Drahi, is burdened with a colossal debt that has reached 24 billion euros. Strategic sales, including BFMTV, RMC, and its stake in La Poste Mobile, have reduced this burden to 15.5 billion euros. However, these emergency measures are no longer enough to reassure the markets or consumers.
An accelerated safeguard procedure on the horizon
To avoid a sudden collapse, Altice France is considering the use of an accelerated safeguard procedure, likely as early as June 2025. This legal mechanism is governed by the commercial code. It allows a struggling company to restructure its debt. Moreover, it helps maintain its activities.
However, this strategy often aims at a broader objective: facilitating a quick sale of assets deemed strategic. The idea is to reduce losses, protect creditors, and preserve employment in an untenable context. Discussions are reportedly already underway with several investors, both French and foreign.
Recovery scenarios: between merger, acquisition, and fragmentation
Three main scenarios are circulating in specialized circles. The first is based on a total buyout by a French operator. Among the candidates, Bouygues Telecom stands out, thanks to a historic network cooperation with SFR since 2014. Such an operation would consolidate the group’s positions in mobile networks and fiber.
The second scenario envisions a joint offer from foreign groups, such as Saudi Telecom Company (STC) or Etisalat, very active in acquiring infrastructure in Europe. This prospect worries French unions and institutional players, concerned about maintaining national digital sovereignty.
Finally, the third scenario, considered the most realistic, would be a gradual dismantling. The assets would be distributed among several players, notably Free, Orange, and Bouygues. Each would take over a share of the subscribers or infrastructure. This model, complex but flexible, could allow compliance with competition rules while avoiding excessive market concentration.
The uncertain future of 6.8 million subscribers
Today, SFR has about 6.8 million fixed and mobile subscribers. The uncertainty surrounding their future raises many concerns. In the event of a buyout, their contracts could be automatically transferred to a new operator.
This could lead to price changes, or even a loss of certain services. Additionally, the general terms of use could evolve. It is therefore crucial for customers to stay informed through official channels.
At the same time, the closure of at least 30 SFR stores is planned for July 2025. This signals a drastic reduction in the brand’s physical presence. This move towards digitalization is consistent with industry trends. However, it risks leaving behind part of the population, notably seniors or less connected individuals.
A reshuffling of the telecom cards
The withdrawal of SFR would redraw the telecom landscape in France. Today, the market is dominated by four major players: Orange, Free, Bouygues Telecom, and SFR, which hold 96% of the market share.
If one of them disappears, the other three could gain a stronger position. This concentration worries European authorities. Any major operation will need approval from the Competition Authority and the European Commission. The challenge: to avoid a generalized price increase or a drop in service quality.
The French model, based on strong competition and affordable pricing, could emerge weakened. Some experts speak of a "neoliberal reconcentration" of the sector. This global trend could hit France hard.
How subscribers can prepare
Faced with so much uncertainty, SFR subscribers must be vigilant and proactive. It is strongly advised to monitor the operator’s official communications and prepare for a possible change.
Comparing available offers becomes a priority. Sites like Les Numériques allow real-time evaluation of the best plans based on usage. In the event of a unilateral contract modification, customers have the right to terminate it without fees.
It is also crucial to check that the equipment (box, SIM card, mobile) is compatible with other operators’ networks. A well-prepared transition will prevent service interruptions or unexpected costs.
SFR: end of an era, beginning of a reshaping
Founded in 1987, SFR embodied French digital modernity. It accompanied the emergence of mobile telephony, then very high-speed internet. It also played a leading role in the media coverage of information through its audiovisual channels.
However, strategic errors, uncontrolled debt, and the rapid evolution of the market have precipitated its downfall. The sale now seems inevitable. It could lead to a major reshaping of the telecom landscape in France.
In this shifting context, subscribers remain the primary stakeholders. Their power of choice and adaptability will be essential. Indeed, these elements are the keys to navigating. This navigation takes place during a historic transition period for French telecommunications.