2024-03-15 15:48:08
ERIC PIERMONT / AFP
DECRYPTION – Indebted to the tune of 60 billion euros, the business community will reduce part of the financial pressure, as it had promised. Other operations are undoubtedly to come.
As is often the case, Patrick Drahi took everyone by surprise. For months, when asked the question he was regularly asked about the sale of his media division, made up in particular of BFMTV and RMC, his staff kept repeating the same mantra: “Altice Media is not for sale”. The fact remains that the billionaire, a shrewd financier but in debt to the tune of 24 billion euros for his French entity (and 60 billion euros for the whole of Altice), knows that a good opportunity rarely presents itself twice.
As such, the proposal from Rodolphe Saadé, owner of the shipowner CMA-CMG, to value Altice’s media activities at 1.55 billion euros was too good to be rejected. The offer price represents 14 times the operating profit achieved by Altice Media in 2023 (112 million euros). If for a time Patrick Drahi hoped for up to 2 billion for these activities, the valuation remains very generous for a media group, comparing with the capitalizations…
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