French delivery tycoon Rodolphe Saadé is expanding his media holdings with an agreement to purchase France’s most-viewed 24-hour information channel.
CMA CGM, the transport large Saadé chairs, and Benefit France, Saadé’s spouse and children office environment, have agreed to obtain Altice Media, the media arm of French telecoms giant Altice France. Altice Media’s assets contain BFM Tv set, France’s largest 24-hour information channel with over 10 million every day viewers, and RMC, France’s second-greatest radio station.
- CMA GGM will get 80% of Altice Media, and Merit France will obtain the remaining 20%. The deal values Altice Media at €1.55bn ($1.7bn).
Saadé is buying Altice Media from fellow French tycoon Patrick Drahi, whose telecoms and media empire is reeling from a $60bn financial debt load. Drahi has pledged to sell belongings to cut down debt as his company faces raising borrowing prices and a corruption probe that has ensnared various executives.
Altice suspended many executives for allegedly having kickbacks from suppliers. Its co-founder, Armando Pereira, was arrested last year by Portuguese authorities on rates of tax fraud, revenue laundering, and falsifying documents. He was later released on a $11mn bail with vacation restrictions.
CMA-CGM has been on an acquisition spree considering that it designed history profits all through the Covid-19 pandemic. The steep increase in shipping fees through the pandemic enabled CMA GGM to report a record $25bn earnings in 2022. The business has deployed that windfall to diversify its company, obtaining a string of logistics and media companies.
- A handful of French tycoons have notable media belongings, which include LVMH chief executive Bernard Arnault (the Les Echos and Le Parisien newspapers), telecoms tycoon Xavier Niel (Le Monde newspaper), and billionaire investor Vincent Bolloré (Journal du Dimanche and CNews). Saadé is becoming a member of common territory by acquiring Altice Media.
- Altice Media has 1,700 staff, which includes around 900 journalists. It noted €362mn ($394mn) in earnings in 2023. CMA GGM said Altice Media’s administration will receive gives to keep their positions publish-acquisition.
The submit French Tycoon Saadé To Buy Altice Media For $1.7B appeared first on The Techee.