- M&A
- March 17, 2024
- 3 minutes read
French Tycoon Saadé To Buy Altice Media For $1.7B
French shipping tycoon Rodolphe Saadé is expanding his media holdings with an agreement to buy France’s most-watched 24-hour news channel.…
French shipping tycoon Rodolphe Saadé is expanding his media holdings with an agreement to buy France’s most-watched 24-hour news channel.
CMA CGM, the shipping giant Saadé chairs, and Merit France, Saadé’s family office, have agreed to buy Altice Media, the media arm of French telecoms giant Altice France. Altice Media’s assets include BFM TV, France’s biggest 24-hour news channel with over 10 million daily viewers, and RMC, France’s second-biggest radio station.
- CMA CGM will buy 80% of Altice Media, and Merit France will buy the remaining 20%. The deal values Altice Media at €1.55bn ($1.7bn).
Saadé is acquiring Altice Media from fellow French tycoon Patrick Drahi, whose telecoms and media empire is reeling from a $60bn debt burden. Drahi has pledged to sell assets to cut down debt as his company faces increasing borrowing costs and a corruption probe that has ensnared several executives.
Altice suspended several executives for allegedly taking kickbacks from suppliers. Its co-founder, Armando Pereira, was arrested last year by Portuguese authorities on charges of tax fraud, money laundering, and falsifying documents. He was later released on a $11mn bail with travel restrictions.
CMA CGM has been on an acquisition spree since it made record profits during the Covid-19 pandemic. The steep rise in shipping costs during the pandemic enabled CMA CGM to report a record $25bn profit in 2022. The company has deployed that windfall to diversify its business, acquiring a string of logistics and media firms.
- A handful of French tycoons own prominent media assets, including 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 joining familiar territory by acquiring Altice Media.
- Altice Media has 1,700 employees, including over 900 journalists. It reported €362mn ($394mn) in revenue in 2023. CMA CGM said Altice Media’s management will receive offers to retain their positions post-acquisition.
