Drahi says to keep focus on TMT businesses after Sotheby’s deal


PARIS (Reuters) – Billionaire Patrick Drahi said on Monday he would remain focused on his main telecoms and media businesses and would not sell any shares in his Altice Europe NV business to fund his acquisition of Sotheby’s auction house.

“As the future owner, I have full confidence in Sotheby’s management, and hence do not anticipate any change to the company’s strategy. Management and their exceptional teams and talent around the world will continue to operate with my full support,” said a statement issued by Drahi’s office.

“This investment will further demonstrate the anchoring of my family in the United States, a country where we have been very welcome since the successful acquisitions of Suddenlink in 2015, Cablevision in 2016 and just recently Cheddar,” he added.