Media Mogul Acquires Sotheby's for $3.7B

BidFair USA, an entitywholly owned by Drahi, will pay $57 per share of common stock to all Sotheby'sshareholders, 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 along-term vision for enhancing the company's value, CEO Tad Smith explained. "This acquisitionwill provide Sotheby's with the opportunity to accelerate the successful programof growth initiatives of the past several years in a more flexible privateenvironment," Smith noted. "It positions us very well forour future and I strongly believe that the company will be in excellent handsfor decades to come with Patrick as our owner." Drahi, a French-Israeli businessman, is founder ofinternational news channel i24news. He also owns SFR, the second-largest mobilephone and internet provider in France, as well as Altice USA, the fifth-largestAmerican 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)