Hovering freight charges and low taxes on delivery imply that CMA CGM is swimming in money. Between 2020 and 2023, the group raked in €45 billion in revenue, convincing the family-owned firm to diversify into media.
Saadé snapped up enterprise newspaper La Tribune final yr and Marseille paper La Provence in 2022. He additionally holds a ten % stake in tv channel M6, the nation’s second-biggest personal broadcaster.
Critics warn this might threaten the impartiality of the press and undermine the foundations of French democracy. Most of the nation’s richest individuals already oversee highly effective newsrooms. LVMH CEO Bernard Arnault owns Les Echos and Le Parisien, telecoms mogul Xavier Niel has Le Monde, and logistics magnate Vincent Bolloré runs CNews and Journal du Dimanche.
The sale “which might be topic to the standard preconditions and the acquiring of relevant regulatory authorizations, ought to be finalized throughout the summer season of 2024,” in accordance with Altice Media.
