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French media and TV group NextRadio TV, which owns news and discovery channels BFM TV and RMC Découverte, has received approval from French TV and competition authorities (the Conseil Supérieur de l’Audiovisuel et Autorité de la Concurrence) for its planned takeover by multinational cable, fibre, telecommunications, content and media company Altice.
On July 27th, Alain Weill, the Chairman, CEO, Founder and main shareholder of NextRadioTV and Patrick Drahi, the Chairman and Founder of Altice signed a strategic partnership of their groups to invest in and to accelerate the development of multimedia projects in both France and other international markets.
Completion of the deal will result in a €595 million minority acquisition of NextRadio TV by Altice.
In a statement, NextRadio TV advised that a takeover bid of all NextRadio TV titles would be launched by the end of this year by a new company entitled Groupe News Participations. At the closing of the transaction, Weill will own 51 per cent of NextRadio TV and voting rights of Groupe News Participations.
According to the agreement, Drahi will have the possibility to take full control of NextRadio TV by 2019.
Weill will also head up all Altice media activities in France and internationally, through a subsidiary he will own 24 per cent.
NextRadio TV shares rose 5 per cent to €36.50 on Tuesday trading at the Paris stock exchange.