Dennis Okhuijsen, an adviser at “It’s a bit like going to the circus at this point,” said Todd Levin, a New York-based art adviser. New York (CNN Business) Telecom billionaire and art collector Patrick Drahi has emerged as the winning bidder for Sotheby's, the 275-year-old auction house. However, it remains to be seen how much, if any, of these funds resurface as another form of compensation.The question of whether the broader planned cost cuts materialize plays into investors’ and credit rating companies’ concerns about leverage. As Drahi paid a high premium for the stock, everyone is just waiting to see how the company will perform under his control.” However, job losses were not, according to two people who attended the meeting.The mood of continuity was also evident in his pitch to financiers for his purchase of the auction house, as they were told that his plan is “to maintain the current, well-performing strategy of the business.”This doesn’t sound quite like the Patrick Drahi who earned his fortune from debt-fueled takeovers of at-risk communications companies, imposing deep cost cuts, As Sotheby’s prepares to kick off its November auctions with an Impressionist and modern art “It’s obvious that you don’t manage an auction house the way you manage a telecom carrier,” said Frederic Ichay, a telecom and technology M&A lawyer based in Paris. “Sotheby’s is one of the most elegant and aspirational brands in the world, said the buyer, Patrick Drahi. Under the terms of the agreement, which was approved by Sotheby’s Board of Directors, shareholders, … That’s the heart of the business.”Spokesmen for Sotheby’s and Drahi declined to comment.Though the French-Israeli tycoon turned a $9,000 student loan into The 56-year-old has certainly made an impression on that industry. SBC is elminated as the company is now private.
Less than six months after telecom magnate Patrick Drahi took Sotheby’s auction house private in a deal worth roughly $3.7 billion, the new owner is wasting no time making major changes at the top of the auction house. Sotheby’s archrival, Christie, has been owned by luxury goods tycoon Patrick Drahi, president of french telecom group Altice Patrick Drahi said he was “honored” to work with Sotheby’s on the deal. It’s not just the CEO who will have no experience running an auction house (though neither did outgoing Chief Executive Tad Smith -- he had been CEO at Madison Square Garden Co. and a president at Cablevision before taking the top job in 2015, when Dan Loeb’s Third Point LLC was Sotheby’s biggest shareholder).
For example, halving staff would be unthinkable, he said. This is something would-be lenders had to consider seriously, given signs of To assuage investors’ concerns, Drahi had to offer improved pricing on the loan, tighter covenants, a requirement for a quarterly investor call, and a limit on payments like dividends that could disadvantage debt holders. The 275-year-old auction house … “I don’t know what act will appear next under the big tent. The company’s real estate, including buildings in London and New York, would be located in a new PropCo division, and the auction company would lease back the property.The asset separation means that were the auction business to run into difficulties, creditors may struggle to stake a claim on proceeds from any property sales.
He stormed the U.S. in 2015 by buying a 70% stake in cable operator Suddenlink for $9 billion deal and snapping up Cablevision for $17.7 billion.
Sotheby’s is to be bought by French-Israeli billionaire and telecoms entrepreneur Patrick Drahi for $3.7bn (£3bn). The morning French billionaire Patrick Drahi took control of “With my family, we are very honored and proud to assume the long-term ownership of Sotheby’s,” he said in the Oct. 3 note.
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