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Read previewContent recommendation firm Outbrain is closing in on a deal to acquire or merge with Teads, the adtech company owned by European telecommunications giant Altice, according to four sources familiar with the matter. Spokespeople for Outbrain and Teads said it was company policy not to comment on M&A speculation. Teads parent company Altice International reported net debt of 9.2 billion euros, around $10 billion, at the end of the first quarter, while Altice France had some 24 billion euros, about $26 billion, in debt in the same period. AdvertisementTeads reported 601 million euros ($654 million) in revenue in 2023, down 5.5% from the prior year. Its adjusted earnings before income tax depreciation and amortization were 157 million euros ($170 million), an 8.7% decrease from 2022.
Persons: , Outbrain, couldn't, Teads, it's, Taboola, Patrick Drahi, pare, Altice, Moody's, Morgan Stanley Organizations: Service, Business, Altice, chum, CNN, Fox News, Altice International, Drahi Locations: Altice France, USA, France
Altice USA — The cable television firm tumbled more than 12% after Wells Fargo downgraded the stock to underweight from equal weight. Krispy Kreme — Shares jumped 6% after Piper Sandler upgraded the stock to overweight from neutral. Cinemark — The movie theater chain climbed 4.4% on the back of a double upgrade to overweight from underweight by Wells Fargo. Snowflake — The cloud company added 2.5% after Rosenblatt upgraded the stock to buy from a neutral rating, citing strong customer interest. Agilent Technologies — The life sciences applications stock rose nearly 3% after Stifel upgraded it to buy from hold.
Persons: Wells, Steven Cahall, Tesla, Elon Musk, Piper Sandler, McDonald's, Cinemark, Rosenblatt, Daniel Arias, Johnson, — CNBC's Hakyung Kim, Alex Harring, Samantha Subin, Michelle Fox Organizations: USA, Reuters, EV, Investors, Energy, Citi, Technologies, Stifel, Shockwave, Johnson, Israel Locations: U.S, Wells Fargo
Shockwave Medical — The medical device stock rose 1.6% after Johnson & Johnson announced it would buy the company for $12.5 billion. Krispy Kreme — Shares of the doughnut chain surged 5% in premarket trading after Piper Sandler upgraded the stock to overweight from neutral. Fox Corporation Class A — The stock rose 1% following an upgrade to buy from neutral at Seaport Research. Western Digital — The semiconductor stock rose nearly 3.5% after an upgrade to buy from neutral by Rosenblatt Securities. Agilent Technologies — The life sciences applications company rose more than 1% after receiving an upgrade to buy from hold at Stifel.
Persons: Johnson, Piper Sandler, Krispy Kreme, McDonald's, Omar Mejias, Wells, Steven Cahall, Ollie's, Gro —, Rosenblatt, Daniel Arias, — CNBC's Michelle Fox, Hakyung Kim, Yun Li, Sarah Min, Jesse Pound Organizations: Johnson, USA, Scotts Miracle, Gro, Fox Corporation, Seaport Research, Rosenblatt Securities, Western, Technologies, Stifel Locations: Wells Fargo
An advertising board is seen during the first demonstration of the technology 5G in Lisbon, Portugal June 4, 2018. The review by the banks, including Lazard, BNP Paribas, Morgan Stanley and Goldman Sachs, will involve some of Altice's major assets in the region, including SFR, France's second-biggest telecoms group, the person said. Altice, Morgan Stanley and BNP declined to comment, while spokespeople for Lazard and Goldman Sachs weren't immediately available for comment. Drahi told investors in August he felt "shocked" and "betrayed" by the ongoing corruption probe in Portugal, which led to the suspension of fifteen employees in Portugal, France and the United States and dozens of suppliers. Altice is already close to a deal to sell its data centres in France to Morgan Stanley Infrastructure Partners, French newspaper Les Echos reported on Wednesday.
Persons: Rafael Marchante, Altice, Lazard, Morgan Stanley, Goldman Sachs, France's, Goldman Sachs weren't, Patrick Drahi, Armando Pereira, Drahi, Les Echos, Mathieu Rosemain, Sharon Singleton Organizations: REUTERS, Rights, BNP, Lazard, Altice, Morgan Stanley Infrastructure Partners, Thomson Locations: Lisbon, Portugal, Dominican Republic, Altice France, France, United States
Assets will be sold within Altice France or outside France to repay debt, Drahi told investors on a conference call. "(The aims is) to raise, one way or another, 3 billion (euros) of equity, plus or minus," Drahi said. Altice France's net leverage ratio at end of June was 6.3 times its yearly core operating profits. Altice France's net debt was close to 24 billion euros at the end of June, up from 23.6 billion at end of March, the group said. Total earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 1.02 billion euros from 1.08 billion euros a year earlier.
Persons: Patrick Drahi, Philippe Wojazer, Drahi, Dennis Okhuijsen, Altice, Portugal Altice's, Armando Pereira, Pereira, Mathieu Rosemain, Ingrid Melander, Silvia Aloisi, Mark Potter Organizations: Altice Group, REUTERS, Altice, Thomson Locations: Franco, Israeli, Paris, France, PARIS, Altice France, Portugal
Fifteen employees have been put on leave in Portugal, France and the United States since news broke about the probe, which is currently limited to Portugal, said Drahi. Pressed by analysts on the call to lay out the role and extent of Pereira's involvement within the Altice group, Drahi said Pereira, whom he hired in 2003, had not held any stake in any Altice entity since 2005. Altice International, the entity that owns telecoms firm PT Portugal, is owned by Drahi's personal holding Next. The other two entities are Altice USA and Altice France, home to France's second biggest telecoms firm SFR. The debt has come under further pressure since Pereira's July detention, with longer-term debt issued by Altice France trading around 80 cents to the euro while those of Altice France Holding trade around 40 cents to the euro.
Persons: Patrick Drahi, Violeta Santos Moura, Drahi, Armando Pereira, Pereira, Altice, Mathieu Rosemain, Yoruk Bahceli, Ingrid Melander, Silvia Aloisi, Conor Humphries Organizations: French, REUTERS, Altice, PT Portugal, Altice International, Thomson Locations: Paris, France, Portugal, United States, Altice France
* Drahi, who lives between Switzerland, the United States and Israel, controls France's second-biggest telecoms firm SFR on top of the most-watched news channel in the country, BFM TV. He also owns the largest telecoms firm in Portugal. * To ease investor concerns about the sustainability of the business, Drahi spun off the U.S. division, restructured debt and took the European arm private. * By 2023, Altice's combined debt, including its three units of Altice France, Altice International and Altice USA stood at around $60 billion. Altice's debt prices trade at stressed levels, having come under further pressure since Pereira's detention in July.
Persons: Patrick Drahi, Violeta Santos Moura, Altice, Drahi, Altice's, Armando Pereira, Pereira, Silvia Aloisi, Ingrid Melander, Sharon Singleton, Louise Heavens Organizations: French, REUTERS, Polytechnique, SFR, U.S ., Altice, Altice USA, BT, Thomson Locations: Paris, France, French, Israeli, Morocco, Drahi, Amsterdam, Belgium, Portugal, Israel, United States, Dominican Republic, Switzerland, London, New York
The owner of embattled network Cheddar News is reportedly considering selling the seven-year-old startup. NYT's DealBook reported on Monday that Altice USA tapped Goldman Sachs to explore a possible sale. NYT reporters Lauren Hirsch and Ben Mullin noted a sale isn't a foregone conclusion and Altice USA could decide not to proceed. Spokespersons for Altice USA did not immediately respond to Insider's request for comment on Monday morning and a spokesperson for Goldman Sachs had no comment. Check out Insider's exclusive coverage of the chaos at Cheddar News:Are you a Cheddar News or Altice USA insider?
Persons: DealBook, Goldman Sachs, Lauren Hirsch, Ben Mullin, Altice, , I'd, Baker Machado, Chloe Aiello, Read, I've, Jon Steinberg, Steinberg, Reed Alexander Organizations: News, Telecom, Altice USA, Cheddar News, New York Times, USA, Insiders, Mail, Cheddar Locations: USA, Cheddar, Portugal
Cheddar News has lost more than 10 newsroom staffers since the start of 2023, sources told Insider. As of March, Cheddar appears to have plans to hire at least five news-related roles, according to Altice's jobs portal. a former Cheddar producer said. The two executives are said to have denied speculation that Altice has any plans to combine Cheddar and News 12. Sources previously told Insider that, throughout 2022, the Cheddar newsroom had contracted by roughly a third.
Streaming and broadcast news network Newsy has been rebranded as Scripps News. The network formerly known as Newsy has a presence on TV stations owned by Scripps and its ION Media stations and is accessible via free over-the-air digital antenna and several streaming platforms — including Roku, Amazon Fire and Apple TV. The company, which pulled Newsy from cable packages in 2021, boasts that Scripps News offers the only free 24/7 national news broadcast. Scripps News is also absorbing scores of executives from a national desk that fed the company's 61 local stations. Its local stations pulled in $208 million in ad revenue thanks to the midterm elections.
Insider obtained leaked audio of an hour-long all-hands meeting at Cheddar News. Leadership also addressed employees' concerns about the state of the company, including under-staffing, burnout, and a recent wave of departures. Three more staffers have either exited Cheddar's newsroom or are imminently on the way out this week, Insider has learned. A spokesperson for Altice USA offered no comment. Are you an insider at Cheddar News or Altice USA?
16 insiders described unrest and discord partly fueled by the site's revamped social media strategy. Malaspina's plan was for Cheddar to look and feel like a social media platform and to position its stars as influencers. Concerns inside Cheddar intensified when Malaspina, a newcomer to journalism, refocused its coverage on social media content. Multiple segments and even an entire show — "Trending" at 7 p.m. — centered on social media trends and TikTok challenges. It's very troubling to think that news professionals would inflate or distort their social media followings.
Streaming and broadcast news network Newsy is being scrapped and rebranded as Scripps News. Parent company E.W. Bellini is a San Francisco-based reporter for Newsy, the 14-year-old streaming news platform owned by E.W. Scripps News is also absorbing scores of executives from a national desk that fed the company's 61 local stations. Its local stations pulled in $208 million in ad revenue thanks to the midterm elections.
Altice USA stock sinks after tough third quarter earnings
  + stars: | 2022-11-03 | by ( Lillian Rizzo | ) www.cnbc.com   time to read: +2 min
Altice USA 's shares dropped more than 20% and trading in the stock was briefly halted Thursday, after the company posted a weak earnings report. Altice's net income for the third quarter fell to $85 million from about $267 million compared to the same period last year. Cable providers saw big gains in broadband subscribers during the early days of the pandemic, when lockdowns forced many to work and take classes from home. Altice said it lost 43,000 broadband customers during the quarter, as well as 82,000 cable-TV subscribers. On top of this, Altice has been spending heftily to deploy a fiber network for its broadband customers.
Vodafone and Altice launch 7 bln euro German broadband company
  + stars: | 2022-10-17 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Oct 17 (Reuters) - Vodafone (VOD.L) and Altice launched a joint venture on Monday to challenge Deutsche Telekom (DTEGn.DE) by building a 7 billion euro ($6.8 billion) fibre broadband network in Germany. Vodafone said the FibreCo venture would build a "fibre-to-the-home" broadband network available to 7 million German homes, allowing Britain-based Vodafone to upgrade its existing network in Germany, its biggest market. Register now for FREE unlimited access to Reuters.com RegisterConstruction will be contracted to Altice subsidiary Geodesia, with Vodafone Germany responsible for marketing the faster broadband to new customers. Vodafone said it would receive cash proceeds from Altice of up to 1.2 billion euros, which would exceed its equity contributions to the joint venture over time. Altice is the Amsterdam-based holding company bundling the assets of Franco-Israeli cable magnate Patrick Drahi.
Europe has nearly half a million telecom towers and most of them have battery backups that last around 30 minutes to run the mobile antennas. Swedish telecom regulator PTS is working with telecom operators and other government agencies to find solutions, it said. The telecom operators are also working with national governments to check if plans are in place to maintain critical services. Deutsche Telekom (DTEGn.DE) will use mobile emergency power systems which mainly rely on diesel in the event of prolonged power failures, it said. France has about 62,000 mobile towers, and the industry will not be able to equip all antennas with new batteries, the FFT's president Liza Bellulo said.
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