The telecommunications company, owned by Patrick Drahi, is in exclusive negotiations to sell Altice Media outright.
Altice França announced on Friday that it has entered into exclusive negotiations to sell Altice Media – Owner of the French channel BFM TV – CMA CGM Group. The deal that includes the sale of all Altice Media products is in place 1.55 billion euros.
“The transaction, which is subject to customary conditions and regulatory approvals, is expected to be completed in the summer of 2024,” the company said in a statement.
The sale agreement is announced in France at a time when Drahi seeks to reduce the mountain of debt incurred by the group – which is divided into three entities (Altice France, Altice Internationale, and Altice USA). In total, It amounted to about 55 billion euros at the end of the third quarter of last yearOf which 24 billion relate to the operator in France. Patrick Drahi says he has “complete confidence” in Saadeh, “with whom he has maintained close and friendly relations for many years”, so he continues to invest in and develop Altice Media.
CMA CGM, which already owns media outlets such as La Tribune and La Provence, says that with this acquisition it “intends to further develop its long-term plan”, which includes creating a media group.
News updated at 11:50 a.m
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
