|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||2.8800 - 2.9430|
|52 Week Range||1.4800 - 3.5600|
|Beta (3Y Monthly)||2.00|
|PE Ratio (TTM)||1.41|
|Earnings Date||Jul 31, 2019 - Aug 5, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||3.74|
(Bloomberg) -- Cable provider Altice USA will keep its offices in the New York skyscraper that Amazon.com Inc. had planned to move into before abandoning a deal to build a major campus in the city.The television company has been at One Court Square since 2017, but would have been booted to make room for Amazon. When the online retailer backed out of New York in February, there was speculation over whether Altice would still find a new home, or stay put in the 53-story office tower in the Long Island City neighborhood of Queens.Altice and Savanna, the building’s owner, said in a statement Friday that the cable company has signed a lease for 103,133 square feet (9,581 square meters) at One Court Square, and has the option to expand into additional floors in the future.“Moving to Long Island City has exceeded our expectations, and we’re thrilled to solidify plans to remain in One Court Square for the long term,” Altice Chief Procurement Officer Yossi Benchetrit said in the statement. “The vibrancy of this neighborhood, along with access to the wider pool of talent in the metropolitan area, has been great for our business and our culture.”Amazon, based in Seattle, announced in November that it would build additional headquarters in Long Island City and northern Virginia. Part of the plan was to lease a million square feet at One Court Square. A few months later, the e-commerce giant withdrew from New York following fierce public criticism of tax breaks promised to the company, and concerns about the impact on housing costs and transportation.The move sent shock waves through the community, which had been counting on Amazon to bring as many as 40,000 high-paying jobs and dozens of other businesses to the city. Savanna was quick to start filling the hole left by the online retailer at One Court Square. Health-care provider Centene Corp., which last year acquired insurer Fidelis Care, recently agreed to lease as much as 500,000 square feet in the 1.5 million-square-foot tower, according to people with knowledge of the matter.One Court Square, also known as the Citigroup building, was built in 1989 to house employees of the bank. Savanna has detailed plans to invest in a number of upgrades to the property, including a modernized lobby and a redesigned retail annex that will feature a 17,000-square-foot food hall.Citigroup Inc. has been moving workers out and consolidating them into its Tribeca headquarters ahead of its 2020 lease expiration in Long Island City.To contact the reporter on this story: Lily Katz in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Debarati Roy at email@example.com, Christine MaurusFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Like masterpieces by Van Gogh, Picasso and Rothko, the storied auction house Sotheby’s is slipping into wealthy private hands, in a $2.7 billion deal that will reshape the global art market.Billionaire Patrick Drahi agreed to buy the 275-year-old firm, ending Sotheby’s three decades as a public company. Drahi, a disciple of media mogul John Malone, is seizing on the upheavals that have shaken the centuries-old auction model.The deal announced Monday pulls the inner workings of the art market even deeper into the shadows. As a private company, Sotheby’s will no longer be required to disclose quarterly results, which had put it at a competitive disadvantage compared with arch-rival Christie’s, owned by another French billionaire, Francois Pinault. Those periodic reports also provided a “public bellwether” for the art market with insight into margins, executive compensation, strategy, capital allocation and the stock’s reaction to major economic and political forces, said Evan Beard, an art-service executive at Bank of America Corp.“That all goes underground now,” Beard said. “It’s a transparency shift."Investors including Dan Loeb’s Third Point hedge fund, Sotheby’s second-biggest shareholder, will receive $57 in cash for each share of Sotheby’s common stock, the New York-based auction house said Monday in a statement. The offer represents a 61% premium to Friday’s closing price.Sotheby’s shares had dropped 40% in the past year as the company grappled with higher costs and shrinking margins even as masterpieces and contemporary works set auction records. Drahi, 55, is chairman of Altice Europe NV, a publicly traded telecommunications firm with more than 30 million customers. He’s worth $8.6 billion and the sixth-richest person in France, according to the Bloomberg Billionaires Index."It’s a trophy acquisition," said Franck Prazan, owner of Applicat-Prazan gallery, who was a managing director at Christie’s France when Pinault bought the company. “These auction houses aren’t really meant to be publicly traded, and they’re better off being owned by a personal fortune. The profitability of a publicly traded auction house is extremely volatile.”Bold dealmaking is well in character for Drahi, who single-handedly built a global telecom behemoth in the span of two decades through relentless acquisitions and an embrace of debt. The Moroccan-born Frenchman, who’s also an Israeli citizen, is said to have proposed to his wife within an hour of meeting her. He harbored ambitions of one day running a global company. Realizing that goal could take decades to materialize if he stayed on the corporate track, he quit his first job with a Dutch satellite firm and founded his own cable businesses with the help of a student loan.Cutthroat CompetitionIn 2016, in a $17.8 billion deal, Altice acquired Cablevision Systems Corp., where Sotheby’s Chief Executive Officer Tad Smith honed his managerial skills before taking the reins at Madison Square Garden Co.Altice Europe’s main asset is SFR, a French telecommunications company. The business is finally returning to growth after years of customer losses amid cutthroat competition. Shares of Altice Europe have advanced about 70% this year, though they remain more than 50% below their 2015 peak.Drahi’s takeover would mean that French citizens will own the world’s two major auction houses. Pinault, the founder of Paris-based luxury goods giant Kering SA, initially acquired a stake in Christie’s two decades ago from British billionaire Joe Lewis.“It was ripe for Sotheby’s to go private,” said former Christie’s executive Philip Hoffman, now CEO of the Fine Art Group. “Christie’s has more advantages being run privately and not having public quarterly reporting that puts pressure on their ability to do deals.”The branding potential of Sotheby’s had attracted investors including Loeb, whose Third Point hedge fund is the second-largest shareholder, with a 14.3% stake.Loeb joined the board in 2014 after a bitter proxy fight, and senior managers were replaced soon after. Investments in technology and advisory services followed -- as well as significant milestones, such as the sale of a Jean-Michel Basquiat painting for $110 million in 2017. Still, Sotheby’s has consistently trailed Christie’s in annual sales.“Today’s sale price affirms the value we saw when we first invested in Sotheby’s, and rewards long-term investors like Third Point who believed in its potential,” Loeb said Monday in a email.To contact the reporters on this story: Katya Kazakina in New York at firstname.lastname@example.org;Angelina Rascouet in Paris at email@example.com;Devon Pendleton in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Pierre Paulden at email@example.com, ;Alan Goldstein at firstname.lastname@example.org, Peter EichenbaumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
June 17 (Reuters) - Art auction house Sotheby's said on Monday it would be taken private for $2.66 billion by a company owned by Altice Europe founder Patrick Drahi. Sotheby's shareholders will receive $57 in cash per share held. The offer represents a premium of 61% to Sotheby's Friday close. (Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila
At Art Basel last week in Switzerland, two patrons sneaked off for lunch together. Away from prying eyes of the fair’s elite attendees, Patrick Drahi, a voracious telecoms and cable dealmaker, met Sotheby’s ...
Sotheby’s has gone under the hammer for $3.7bn, ending 31 years of public ownership, with the venerable auction house sold to Patrick Drahi, the billionaire founder of telecoms group Altice. The deal concludes frantic negotiations that began with an unsolicited approach from Mr Drahi. The Franco-Israeli entrepreneur collects art and has been looking to raise his profile outside the telecoms industry where he has made his fortune, according to a person who worked on the sale.
Strong Financial Performance in Q1 2019France, Portugal and International back to growthAll FY 2019 Guidance Reiterated
Inside Big Media’s Struggle to Cope with the Changing Times(Continued from Prior Part)Altice’s mobile service launching in summerAltice USA (ATUS) is on track to launch its long-anticipated mobile phone service in the coming months. The cable
Inside Big Media’s Struggle to Cope with the Changing Times(Continued from Prior Part)Fox sold assets to focus more on its news businessAltice USA (ATUS) is acquiring digital news network Cheddar for $200 million in a transaction that’s
Telecoms and cable company Altice Europe will save more than 110 million euros (94 million pounds) annually after refinancing debt in a deal that it said would strengthen its financial position. Altice Europe, founded by billionaire Patrick Drahi, has been selling assets and restructuring to reduce its debt burden. In the past year, Amsterdam-listed Altice Europe has shifted its focus from cost-cutting towards gaining clients while selling infrastructure assets to reassure investors, after making heavy investments in broadcasting rights.
Telecoms and cable company Altice Europe said it had successfully refinanced debt in a deal which would strengthen its financial position and result in cash savings. Altice Europe, which has been selling assets and restructuring to reduce its debt burden, added that total cash savings on a pro forma basis from its debt refinancing deals would exceed 110 million euros annually.
Telecoms firm Altice has about 10 possible bidders for its Portuguese fibre network and is nearing a decision on the sale, Altice Portugal chief executive Alexandre Fonseca said. The Altice fibre network business serves 4.5 million Portuguese homes and aims to cover all of the country, or 5.3 million homes, by next year.
Altice will pay $200 million to acquire Cheddar in an all-cash deal, The Wall Street Journal first reported Tuesday. Cheddar's founder and CEO Jon Steinberg will transition to become president of a newly created unit called Altice News. Altice News will include its already existing News 12 channel and i24News, along with Cheddar's suite of content including live business, general news and a college network focused on millennial audiences.
Shares in telecoms and cable group Altice Europe rose on Tuesday after it disclosed that profits at its main French business improved over the first quarter. Altice France's preliminary adjusted earnings before interest, tax, depreciation and amortization (EBITDA) grew 2 percent from a year earlier to 933 million euros ($1.1 billion), according to a regulatory filing. The improvement at Altice France - which represents more than two-thirds of Altice Europe's profits - drove shares in the heavily indebted group higher, reversing earlier losses after French rival Orange warned over a prolonged price war in the market.
Altice Europe's SFR French unit saw its first-quarter core operating profit grow by 2 percent as the company's expenses fell, according to a regulatory filing issued on Tuesday by the Luxembourg-based ...
Telecoms and cable group Altice Europe is betting on a rebound of its French business to speed up debt repayments after a year of heavy promotions took a toll on its profits. The Amsterdam-listed group founded by billionaire Patrick Drahi has flipped its strategy from cost-cutting towards gaining clients and selling infrastructure assets in a bid to lift its stock price after a sudden loss of investor confidence. With debt of 28.8 billion euros ($32 billion)at end of 2018, more than twice its yearly revenues, Altice Europe's share price has been under pressure since 2017 over its ability to perform better in France, which represents two-thirds of its sales.
Telecoms and cable group Altice Europe said on Thursday it expected a return to growth in France in 2019 after a year of heavy promotions that dented profits but helped it gain market share. The Amsterdam-based group said it expected its French business, which represents more than two-thirds of sales, to grow between 3-5 percent in 2019 and to generate a core operating profit between 4-4.1 billion euros. Altice Europe's French brand added more than 1 million mobile customers and about 233,000 broadband clients last year.
FY 2018 guidance achieved, back to revenue, Adjusted EBITDA and Operating Free Cash Flow growth in FY 2019
When Iliad entered the French market with its low-cost offering, it prompted the crippling price wars which are now weighing on all those firms’ profits. A reversal of that trend could help offset the pain of lost customers. It seems likely that those funds will be used to boost the company’s presence in Italy, where growth is faster than in France.
This week we saw the Altice Europe N.V. (AMS:ATC) share price climb by 12%. But that cannot eclipse the less-than-impressive returns over the last three years. Truth be told theRead More...