French telecoms mogul, on buying binge, teams with media group

Industries Associated Press

Patrick Drahi, CEO of the French telecoms giant Altice, is partnering in a joint venture involving one of France's major independent news networks.

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Under the deal announced Monday, Drahi's Altice teams up with Alain Weill, the head of NextRadio TV, with an eye to creating a media company focused outside France. NextRadio TV owns the BFM television and RMC radio networks.

Drahi has been on something of an acquisitions binge in recent months, with a $9.1 billion deal for St. Louis-based cable operator Suddenlink and an attempt to buy French rival Bouygues Telecom over the objections of the French government.

Under Monday's deal, Weill would control 51 percent of the new venture, which would ultimately be folded into Altice.