Rapaport News


Polished Markets

Rapaport Broadcast
Martin Rapaport’s Webinar on Estate Jewelry
October 30 2019

Advanced search
Latest Articles
Rough Markets
Polished Markets

Media Mogul Acquires Sotheby’s for $3.7B

Patrick Drahi will take the company private after 31 years of trading on the NYSE.
Jun 18, 2019 7:21 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Media and telecom entrepreneur Patrick Drahi has bought Sotheby’s for $3.7 billion, taking it private after 31 years as a publicly traded company.

BidFair USA, an entity wholly owned by Drahi, will pay $57 per share of common stock to all Sotheby’s shareholders, the auction house said Monday. The deal, which has already received board approval, is a 61% premium over the auction house’s closing price on June 14. 

Drahi, an avid art collector and Sotheby's patron, has a long-term vision for enhancing the company's value, CEO Tad Smith explained.

“This acquisition will provide Sotheby’s with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment,” Smith noted. “It positions us very well for our future and I strongly believe that the company will be in excellent hands for decades to come with Patrick as our owner.”

Drahi, a French-Israeli businessman, is founder of international news channel i24news. He also owns SFR, the second-largest mobile phone and internet provider in France, as well as Altice USA, the fifth-largest American cable company.

The deal is expected to close in the fourth quarter, following regulatory clearance and shareholder approval.

Image: A live auction at Sotheby’s. (Sotheby’s)
Tags: BidFair USA, bonhams, Epiris, Patrick Drahi, Rapaport News, Sotheby’s, Tad Smith
Similar Articles
Rapaport LogoRapaport Weekly Market Comment
Dec 05, 2019
Jewelers and memo dealers gaining confidence afterpositive start to holiday...
GIA to Shut Down Dubai Branch
Sarine Joins Race to Buy HRD Antwerp
Diamond Market More Optimistic
New YorkUS Polished Trade Continues to Decline
Dec 01, 2019
US polished-diamondimports fell 24% to $1.48 billion in September, according to the latest...
Rapaport Weekly Market Comment
Christie’s Garners $11M at London Auction
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us