Patrick Drahi Net Worth, Age, Family & Biography $5.81B Real Time Net Worth #424 in the world today

Avan Parvadiya — Sat, 03 Jun 2023 16:42:34 +0000

About Patrick Drahi

An Israeli millionaire, media, telecom, and investor tycoon by the name of Patrick Drahi. He was formerly a citizen of France and has resided in Switzerland since 1999. Patrick Drahi is the founder and majority shareholder of the European telecom company Altice, which is traded on the Euronext Stock Exchange. He also controls 18% of the BT Group.

Cable firm Altice USA scoops up streaming news site Cheddar

Patrick Drahi Family

Drahi was born to a Jewish family in Casablanca, Morocco. The household relocated to Montpellier, France when he was 15 years old. Both of his parents are maths instructors. Drahi holds post-graduate degrees in optics and electronics in addition to an engineering degree from the Ecole Polytechnique in Paris.

Patrick Drahi Career

When Drahi and an American partner persuaded mayors in southern France to let them install cable for television in their towns, that was the beginning of Drahi’s business career. Later, this business was acquired by John C. Malone’s UPC. Drahi relocated to Geneva to work for the business after receiving payment in UPC shares.

Before the dot-com boom crashed, he sold his stake in UPC for about 40 million euros. He established the holding firm Altice ATCE.AS in Amsterdam in 2001, and it quickly started to acquire European cable providers. By acquiring 70% ownership in Suddenlink Communications, the seventh-largest cable business in the US, Drahi and his company Altice entered the US telecom industry in 2015.

Currently, Suddenlink is worth $9.1 billion. In addition, Drahi bought Cablevision from the Dolan family in 2015 and rebranded it Altice USA, with its primary brand Optimum ranking as the fifth-largest cable provider in the US. In 2018, the Dolans sued Altice USA for alleged violations of the terms of the deal.

Patrick Drahi Facts

On May 22, 2018, Altice USA was fully separated from the European operation. According to a review of the 2022 proxy statement and a February 2023 Form 4 filing, Drahi controls roughly 15% of Altice USA’s “A” shares and nearly all of its non-trading “B” claims. To prevent double counting, shares held by CVC 3, a company that is controlled by Altice Europe, are not included.

SFR general director Michel Paulin, Altice CEO Patrick Drahi, Paris’ mayor Anne Hidalgo, and NextRadioTv CEO Alain Weill pose during the launch of the new television channel BFM Paris on November 7, 2016 in Paris.