The two parties are creating a new company to invest in and to accelerate the development of multimediaprojects in both France and other international markets.
Alain Weill and Altice will be partners in a joint-company in which Weill will control 51% of the economic and voting rights and assume the role of Executive Chairman. In a first step, Weill’s current stake in NextRadioTV representing 37.77% of economic rights and 48.59% of voting rights will be transferred to this new company.
Through this new partnership, Weill will ultimately become a 24% shareholder of a subsidiary of Altice dedicated to investments in media companies, with an ongoing focus on international diversification outside of France, where growth and consolidation opportunities are numerous. Weill will join Altice’s Executive Committee as managing director of Altice Media responsible for all the media activities of Altice.
NextRadioTV operates a number of radio and TV channels in France including the BFMTV, BFM Business TV and RMC Découverte channels.
In a related development, Altice Group acquired 1,298,398 shares in Numericable-SFR on July 31, at a price per share of €49.75. The total consideration of the transaction is €64,595,300.