CMA CGM Group, a prominent French shipping company, has finalized an agreement to acquire the media operations of Altice France at a purchase price of €1.55 billion.
The acquisition portfolio includes several significant assets, notably BFM TV, one of France’s leading 24-hour news channels, alongside the documentary channel RMC Découverte and RMC Story.
Intentions Behind the Acquisition
The management team of Altice Media is expected to remain unchanged under the new ownership, as per CMA CGM’s request. This acquisition marks a strategic expansion for CMA CGM Group into the media sector, complementing its existing 10% stake in the French broadcasting corporation M6 and its holdings in a variety of French regional newspapers.
Expansion and Leadership Confidence
Rodolphe Saadé, at the helm of CMA CGM, is set to advance the company’s presence in the media industry. The acquisition of Altice Media, which has seen its offerings grow from three national TV channels to five and from zero to ten local TV channels over a decade, underscores CMA CGM’s ambition to strengthen its media portfolio.
Founder’s Endorsement
Patrick Drahi, the founder and proprietor of Altice, has expressed his full confidence in Saadé’s dedication to the continued investment in and development of Altice Media’s operations and offerings.
Future Prospects
Future ProspectsSaadé has reiterated the group’s commitment to its long-term development strategy within the media sector, viewing the acquisition of Altice Media as a pivotal step towards achieving these objectives. This move is envisioned to bolster CMA CGM Group’s sustained growth and influence in the media landscape.
News source: https://alticefrance.com/
