The move comes as Altice aims to shed assets across Europe to manage its colossal debt and the company is subject to a corruption probe launched by the French government.
Saadé will acquire 100% of the media business, with 80% via his shipping business CGM GCA and 20% through the Saade’s family office.
Altice France has €1.8 billion of debt due next year, and €24.4 billion in total debt.
This amounts to almost half of the Altice Groups €55 billion total debt across its operations.
Patrick Drahi, the French-Israeli billionaire and majority shareholder of Altice said last year that almost every part of his media and telecoms empire was up for sale.
The corruption probe poses its own set of challenges, with the French government said to have launched an investigation after Armando Pereira, one of Altice’s co-founders, was placed under house arrest in Portugal last summer.
Pereira and other leaders within Altice stand accused of corruption, tax fraud and money laundering.
Altice Portugal itself denied any wrong doing. The French investigation is looking into corruption of individuals who don’t hold public office, money laundering, and attempts to conceal these offenses, according to reports on the matter in national press.
Alongside its news business, Altice revealed plans to sell the majority of its French data centre assets to Morgan Stanley in November 2023.
It also aims to sell its Portuguese business and data centres.
Last week, Bloomberg reported that Saudi operator Stc was the frontrunner to buy the Portuguese business.
