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In a nation with strict political finance laws, control over the news media has provided an avenue for the very rich to influence elections, this one more than ever.PARIS — The face of President Emmanuel Macron’s possibly fiercest rival in France’s coming election is not on any campaign poster. He has not given a single speech. His name will not be on the ballot.He is not a candidate at all, but the man often described as France’s Rupert Murdoch: Vincent Bolloré, the billionaire whose conservative media empire has complicated Mr. Macron’s carefully plotted path to re-election by propelling the far-right candidacy of Éric Zemmour, the biggest star of Mr. Bolloré’s Fox-style news network, CNews.With the first round of France’s presidential election just a month away, polls show Mr. Macron as the favorite. But it is Mr. Zemmour who has set the themes of the race with the openly anti-immigrant and anti-Muslim views he had put forth each evening on television for the past couple of years.“Bolloré’s channels have largely created Zemmour,” François Hollande, France’s former president, said in an interview. But Mr. Zemmour’s emergence is just the latest example of the power of France’s media tycoons, Mr. Bolloré most prominent among them, to shape political fortunes. In a nation with very strict campaign finance laws, control over the news media has long provided an avenue for the very rich to influence elections.“If you’re a billionaire, you can’t entirely finance a campaign,” said Julia Cagé, an economist specializing in the media at Sciences Po, “but you can buy a newspaper and put it at the disposal of a campaign.”The political reach of media tycoons like Vincent Bolloré, center, has become enough of a concern that the French Senate opened an inquiry.Isa Harsin/Sipa, via Associated PressIn the long run-up to the current campaign, the competition for influence has been especially frenzied, with some of France’s richest men locked in a fight over some of the nation’s top television networks, radio stations and publications.The emergence of Mr. Bolloré, in particular, has intensified the jockeying in this election season as he buys up media properties and turns them into news outlets pushing a hard right-wing agenda.The phenomenon is new in the French media landscape, and it has prompted fierce jostling among other billionaires for media holdings. It has been the hidden drama behind the 2022 elections, with some of the media billionaires angling strongly against Mr. Macron, and others in support of him.On one side are Mr. Bolloré and his media group, Vivendi; on the other are billionaires regarded as Mr. Macron’s allies, including Bernard Arnault, the head of the LVMH luxury empire.The political reach of media tycoons has become enough of a concern that the French Senate has opened an inquiry. In hearings broadcast live in January and February, they all denied any political motive. Mr. Bolloré said his interests were “purely economic.” Mr. Arnault said his investments in the news media were akin to “patronage.”But there is little doubt that their media holdings give them leverage that France’s campaign finance laws would otherwise deny them. In France, political TV ads are not allowed in the six months before an election. Corporate donations to candidates are banned.Personal gifts to a campaign are limited to 4,600 euros, or about $5,000. In this election cycle, presidential candidates cannot spend more than €16.9 million each, or about $18.5 million, on their campaigns for the first round; the two finalists are then limited to a total of €22.5 million each, or about $24.7 million. By comparison, when he was a presidential candidate, Joseph R. Biden Jr. raised more than $1 billion for his 2020 campaign.Bernard Arnault, the head of the LVMH luxury empire, with President Emmanuel Macron of France in Paris last year. He is regarded as an ally of Mr. Macron.Christophe Archambault/Agence France-Presse — Getty Images“Why do you think that these French capitalists whose names you know buy Le Monde, Les Echos, Le Parisien?” Jean-Michel Baylet, whose family has owned a powerful group of newspapers in southwest France for generations, said in an interview, mentioning some of the country’s biggest newspapers.“They’re buying influence,” said Mr. Baylet, a former minister of territorial cohesion, who himself has been accused of using his media outlets to advance a parallel career in politics — a charge he denies.The control of media by industrialists, whose core businesses depend on government contracts in construction or defense, amounts to “a conflict of interests,” said Aurélie Filippetti, who oversaw the media sector as a minister of culture.Armed with media properties, businessmen enjoy leverage over politicians.“Politicians are always afraid that newspapers will fall into unfriendly hands,” said Claude Perdriel, the main shareholder of Challenges, a weekly magazine, who said that he made sure to sell his previous outlets, including the magazine L’Obs, to other businessmen who shared his left-leaning politics.For Mr. Macron, that is what happened when early this year Jérôme Béglé, who is a frequent guest on CNews, took over the Journal du Dimanche, a Sunday newspaper once so pro-Macron that it was called the “Pravda” of the government. After Mr. Bolloré gained control over the newspaper’s parent company last fall, it began publishing critical articles and unflattering photos of Mr. Macron.It recently zeroed in on what right-wing competitors consider the most vulnerable aspect of Mr. Macron’s record: his crime policy, which the publication referred to as a failure and his “Achilles’ heel.”Though not widely read, the newspaper enjoys a following among the French political and economic elite and an agenda-setting role. “It’s one of the two or three most influential newspapers,” said Gaspard Gantzer, a presidential spokesman under Mr. Hollande.A newsstand in Paris. “If you’re a billionaire, you can’t entirely finance a campaign,” said Julia Cagé, an economist at Sciences Po, “but you can buy a newspaper and put it at the disposal of a campaign.”Christophe Petit Tesson/EPA, via ShutterstockOne of Mr. Bolloré’s television channels, the youth-oriented C8, has served as a powerful echo chamber for promoting far-right ideas. A recent study by the CNRS, France’s national research organization, showed that from September to December last year, C8’s most popular show devoted 53 percent of its time to the far right and to one figure in particular: Mr. Zemmour.But it is through CNews, created in 2017 after his takeover of the Canal Plus network, that Mr. Bolloré continues to extend his influence in the final stretches of the campaign. With its ability to shape the national debate around issues like immigration, Islam and crime, CNews quickly grew into a new, and feared, political force in France. It made Mr. Zemmour, a newspaper reporter and best-selling author, a star.Learn More About France’s Presidential ElectionCard 1 of 6The campaign begins. More