Published On: Tue, Jul 28th, 2015

Patrick Drahi Teams Up With Weill on $670 Million NextRadioTV Offer

French telecom billionaire broadens his media holdings

French Tycoon Patrick  Drahi locks horns with ‘Mentor’ Malone for Time Warner Cable

French-Israeli tycoon Patrick Drahi and the controlling shareholder of NextRadioTV, Alain Weill, agreed to create a joint company in which Mr. Weill would control a 51% stake and Mr. Drahi the rest, according to Mr. Drahi’s holding company, Altice SA.

Since Altice’s 2014 initial public offering, Drahi has become one of Europe’s most acquisitive telecommunications companies. Drahi now is in the process of converting Altice into a new entity to gain a new stock for bigger takeovers.

Among Drahi’s media assets are 7 magazines including France’s L’Express and L’Expansion and 124 News TV.

Alain Weill founded NextRadioTV about 10 years ago and owns television and radio stations specialized in news and sports. His BFMTV, last month was among France’s 15 most watched TV channels with a 2 percent share of the national audience.

NextRadioTV and Altice to accelerate the development of multimedia projects in both France and other international markets. In a first step, Mr. Weill’s current stake in NextRadioTV representing 37.77% of economic rights and 48.59% of voting rights2 will be transferred to this new Company.

This new Company will then launch in a second step a voluntary tender offer for 100% of NextRadioTV share capital at a price of 37 euros per share3 , representing a premium of 30.5% to the last-6-months volume weighted average share price4 .

The closing of the tender offer is expected by the end of 2015.

Through this new partnership, Mr. Weill will ultimately become a 24% shareholder of a subsidiary of Altice dedicated to investments in media companies, with an on-going focus on international diversification outside of France, where growth and consolidation opportunities are numerous. Mr. Weill will join Altice’s Executive Committee as Managing Director of Altice Media responsible for all the media activities of Altice.

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