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French shipping company CMA CGM commits to buy BFM-owner Altice Media

2024 03 15T094521Z 1 LYNXNPEK2E0BE RTROPTP 4 UKRAINE CRISIS SHIPPING scaled - Global Banking | Finance

French shipping company CMA CGM commits to buy BFM-owner Altice Media

PARIS (Reuters) -French shipping company CMA CGM and telecom group Altice France said on Friday they had entered exclusive talks for CMA CGM to buy Altice Media, which owns leading news channel BFM TV, for an enterprise value of 1.55 billion euros ($1.69 billion).

CMA CGM’s Chief Executive Rodolphe Saade intends to create a large media conglomerate in France, the company said in a statement. “With this planned acquisition, we have the ambition to continue our long-term development in the media industry,” he said.

Altice’s founder and owner Patrick Drahi said the deal would allow further investments into the group’s media such as BFM TV station and RMC radio station.

A post-COVID shipping boom fanned profits for shipping firms, prompting CMA CGM to invest in port terminals, logistics firms and French media activities.

Cash-rich CMA CGM already owns French regional newspapers “La Tribune”, “La Provence” and “Corse Matin” and holds a more than 10% stake in M6, France’s second-biggest private TV network.

($1 = 0.9185 euros)

(Reporting by Sudip Kar-Gupta, Inti Landauro, Gus TrompizEditing by Ingrid Melander)

 

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