The demise and fall of Patrick Drahi
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Telecom and media tycoon Patrick Drahi spent the money to build an empire, but his problem has been maintaining it — and dark times loom.
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A perfect storm of rising interest rates, questionable management, and a global pandemic have all contributed to billions upon billions of debt still owed to lenders.
Revenues for one of Drahi’s larger purchases, Sotheby’s auction house, have dropped significantly, and now a deal is already in place for another group to take an ownership stake.
For this edition of the Weekend Brief, we look at the compounding mistakes that have put Drahi in this position, and the desperate measures he’s taking to work his way out.
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