Saade's Marseille-based shipping company CMA CGM will buy the French media unit of telecoms group Altice, which includes BFM TV as well as radio station RMC, for an enterprise value of 1.55 billion euros ($1.69 billion).
The logo of the CMA-CGM shipping company is printed on a container. Photo: Reuters
The move will allow Saade, CEO of CMA CGM, to consolidate its growing media business in France. The deal will also help ease the financial burden at Altice, which has been trying to sell assets to cut debt since interest rates rose sharply.
BFM TV rose to prominence in France in the 2010s, becoming a common sight in bars and cafes across the country, closely watched by political advisers and business leaders.
The change of ownership to a deeper-pocketed tycoon will be closely scrutinised by France's political class, at a time when far-right news channel CNews, owned by billionaire Vincent Bollore, poses a growing challenge to BFM.
This is not the first time the Saade family has secretly entered the media world .
Last year, they launched a Sunday paper that directly competes with Journal du Dimanche, a respected former weekly that Bollore took over and turned into what critics say is a far-right mouthpiece.
A source close to CMA CGM told Reuters at the time that Saade, who was born in Lebanon, was keen for their media to present a "diverse" view of the world rather than "fuelling the flames of extremism".
Media analysts said the high price agreed by CMA CGM - 14 times Altice Media's core earnings - may reflect the additional power and influence that owning well-known media brands would give Saade.
The post-COVID shipping boom has been a boon for shipping companies, swelling private conglomerate coffers and prompting CMA CGM to make a series of acquisitions of French ports, logistics and media companies.
Saade is a regular participant in French President Emmanuel Macron's foreign trips as CEO of a leading national enterprise.
BFM said it has 12 million daily viewers. CMA CGM said it had asked Altice Media's management team to remain in place. CMA CGM owns French regional newspapers La Tribune, La Provence and Corse Matin, and holds more than 10% of M6, France's second-largest private television network.
Altice said the transaction will be submitted for regulatory approval in France and is expected to close in the summer.
Mai Van (according to Reuters)
Source
Comment (0)