French operator Numericable-SFR is set to gain a stable of leading domestic TV channels, radio stations, websites and national newspapers, through two transactions with parent Altice worth hundreds of millions of euros.
SFR is to acquire Altice’s 49 per cent stake in NextRadioTV, a firm focused on news, sports, business and tech coverage. It operates a number of brands including BFMTV and RMC, France’s fourth largest TV and radio stations in terms of audience numbers.
The proposed transaction gives NextRadioTV an enterprise value of €741 million. “The interest in NextRadioTV is acquired by SFR at cost relative to the original price paid by Altice,” the operator said in a statement. Altice did its deal in December 2015.
SFR also said it has entered into exclusive negotiations to acquire Altice Media Group France, which publishes more than 20 national newspaper and magazine titles including Liberation, L’Express and L’Expansion. It is also a leading player in the digital sector.
The proposed transaction places an enterpise value on Altice Media Group France of €241 million. The deal will be proposed to employees and relevant bodies before final negotiations.
The aim is to develop SFR into “a true cross-media content publisher, capitalising on a highly diversified portfolio of premium brands,” said the operator. The two transactions means it “becomes France’s leading content operator”, it claimed.
Both transactions were approved by SFR’s board on 26 April. The operator will pay for the two deals by a combination of its own resources, plus €100 million of the Altice Media Group France purchase price will be deferred by one year after closing.