STOCKS NEWS EUROPE-France's TF1 gains on new COO

Shares in France's top commercial broadcaster TF1 (TFFP.PA) gain over 3 percent after the surprise nomination of Axel Duroux as chief operating officer.

The position, which did not exist previously at TF1, will see Duroux assist current the broadcaster's CEO, Nonce Paolini.

Exane BNP Paribas says the appointment of Duroux, who previously headed the RTL radio station in France and earned a reputation there as "being tough on costs" is a "positive" move for TF1 whose audience is fading amid competition from new media such as the Internet.

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