The Corruption Probe Rocking Altice Tycoon’s Empire: QuickTake

A criminal investigation in Portugal is sending shock waves through Altice, billionaire Patrick Drahi’s sprawling telecommunications empire. The probe into suspected corruption, money laundering and tax fraud has resulted in the suspension of about a dozen executives and 60 suppliers in Portugal, France and the US, pushing some of Altice’s bonds deep into distress. The spreading crisis comes as the group’s debt pile has ballooned to more than $60 billion after years of aggressive acquisitions; that debt is getting more expensive to service as interest rates rise. The company says it’s a victim of the alleged wrongdoings.

1. What ...