Patrick Drahi, an Israeli billionaire magnate and investor renowned for his immense influence in the realms of media and telecoms, has left an indelible mark in the world of business. At zatrun.com, we’ve conducted an in-depth analysis of this extraordinary individual, uncovering the key chapters of his remarkable life and career.
Drahi, a former French citizen who has resided in Switzerland since 1999, is the founder and controlling shareholder of the European-based telecom group Altice, listed on the European Euronext Stock Exchange. Additionally, Drahi owns a significant 24.5% stake in BT Group, further solidifying his position as a global business powerhouse.
Early Life and Educational Pursuits
Born in Casablanca, Morocco, to a Jewish family, Patrick Drahi’s journey towards business success started with humble beginnings. At the age of 15, his family relocated to Montpellier, France, where his parents, both mathematics teachers, instilled in him a deep appreciation for education and learning.
Drahi’s educational journey took him to École Polytechnique in Paris, where he earned an engineering degree. He furthered his academic pursuits by obtaining a post-graduate degree in optics and electronics from Télécom Paris, showcasing his commitment to gaining knowledge and expertise in diverse fields.
The Genesis of a Business Titan
Patrick Drahi’s impressive business career began with a pioneering venture. Teaming up with an American partner, he successfully convinced mayors in southern France to grant them permission to lay cable for television in their towns. This business was eventually sold to John C. Malone’s UPC, with Drahi receiving payment in UPC stock. He then ventured to Geneva to contribute to the company’s growth, and just before the dot-com bubble burst, Drahi sold his position in UPC for approximately 40 million Euros.
In 2001, he took a monumental step by founding Altice ATCE.AS, a holding company based in Amsterdam. This marked the beginning of his journey to acquire European cable companies, setting the stage for his remarkable rise in the business world.
From Numericable to SFR: A Trail of Success
Drahi’s influence extends to the Israeli cable television company HOT, a significant part of his business portfolio. In 2013, he introduced the international news channel i24news, headquartered in Israel, broadcasting in French, Arabic, and English.
Drahi’s visionary approach also led to the founding of the French cable operator Numericable, which served as a stepping stone for his acquisition of SFR, the second-largest mobile phone and internet provider in France, from the media conglomerate Vivendi.
Altice USA and Expansion into the American Market
In 2015, Drahi and Altice entered the American telecommunications market with the acquisition of a 70% stake in Suddenlink Communications, the seventh-largest cable company in the United States, with an estimated value of $9.1 billion.
Furthermore, Drahi’s acquisition of Cablevision from the Dolan family, subsequently renamed Altice USA, positioned the company as the fifth-largest cable operator in the USA. Despite its success, this expansion wasn’t without legal challenges, as the Dolans sued Altice USA in 2018 over alleged violations of the terms of the sale.
Patrick Drahi’s contributions haven’t gone unnoticed. Forbes, as of November 2015, estimated his net worth at an impressive $10.3 billion, ranking him as the 60th-richest person globally and the third-richest individual in France. He also held the distinction of being the richest person in Israel until 2016. His acquisition of Sotheby’s at a 61% market premium in June 2019 further solidified his position as a leader in the business world.
The Philanthropic Side of Patrick Drahi
Beyond his business endeavors, Patrick Drahi and his wife, Lina, established the Patrick and Lina Drahi Foundation (PLFA) in 2014. The foundation is dedicated to supporting innovative programs in various areas, including science, education, entrepreneurship, innovation, the arts, and initiatives related to Israel and the Jewish people.
Operating from its headquarters in Zermatt, Switzerland, the PLFA provides organizational grants and supports programs in Switzerland, France, and Portugal, showcasing Drahi’s commitment to giving back to the community.
A Life of Success and Global Influence
Patrick Drahi’s life journey is an inspiring story of vision, determination, and success. As a telecom tycoon and media maven, he has played a transformative role in shaping the global telecommunications and media landscape. Drahi’s journey is a testament to the power of knowledge, vision, and unwavering dedication in making a positive impact on the world.
With a deep commitment to both business excellence and philanthropy, Patrick Drahi continues to inspire the world with his remarkable achievements and contributions to society. His story is a testament to what an individual can achieve when driven by a passion for knowledge and a desire to make the world a better place.
