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Saade pays €1.5bn for Altice Media France

March 15, 2024

Rodolphe Saade, the French shipping tycoon has announced a deal to acquire French news channel BFM TV off Patrick Drahi’s debt-laden Altice group.

Saade’s Marseille-based shipping company, CMA CGM, will acquire the French media unit of telecoms group Altice, which includes BFM TV as well as radio RMC, for €1.55 billion.

The move will allow Saade, who is CGM’s chief executive, to consolidate a growing media business in France, while the deal will also help ease finances at Altice, which has been trying to sell assets to cut down debt since a rapid rise in interest rates, reports Reuters.

“With this planned acquisition, we have the ambition to continue our long-term development in the media industry,” Saade said in a press statement.

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