French broadcasting group Altice Media is on the verge of being sold to heavyweight shipping firm CMA CGM, it has been confirmed.

CMA CGM, owned by French-Lebanese billionaire Rodolphe Saade, will pay an enterprise value of €1.55 billion ($1.69 billion) for Altice Media, which runs the RMC Sport subscription broadcaster. Both companies made a joint statement to that effect last Friday.

Altice Media is part of the wider Altice France telecoms group, owned by Patrick Drahi. It has been reported the group has total debt of close to $60 billion.

Saade, in a statement made last Friday, commented: "With this planned acquisition, we have the ambition to continue our long-term development in the media industry.”

The transaction is expected to be concluded during the Northern Hemisphere summer, Altice has said, following submission for regulatory approval.

CMA CGM has been advised by Morgan Stanley and Messier & Associés, while Altice has used Lazard in an advisory capacity.

Saade and CMA CGM already own a stake of 10% in French commercial broadcaster M6, as well as having control over multiple newspapers.

Recently, RMC has concentrated mostly on securing boxing and combat sports rights, such as mixed martial arts’ Professional Fighters League.

The wider Altice Media organization, meanwhile, also includes the BFM TV news channel.