The review by the banks, including Lazard, BNP Paribas, Morgan Stanley and Goldman Sachs, will involve some of Altice's major assets in the region, including SFR, France's second-biggest telecoms group, the person said.

Telecoms units in Portugal and the Dominican Republic, as well as advertising company Teads, will also be assessed, according to the person, who asked to remain anonymous because the plans are private.

Altice, Morgan Stanley and BNP declined to comment, while spokespeople for Lazard and Goldman Sachs weren't immediately available for comment.

Altice's owner and founder Patrick Drahi vowed last month to slash debts at Altice France, one of three entities in his sprawling media-to-cable empire, by raising 3 billion euros ($3.2 billion) of equity, "one way or another."

Drahi's business partner was arrested in Portugal in July on corruption allegations, further shaking the debt-laden business and risking denting creditors' confidence in the financial reliability of the group, which has combined debt of $60 billion.

The partner, Armando Pereira, has denied any wrongdoing.

The case has raised questions about internal controls and suppliers and added to the urgency for asset disposals in a context of rising interest rates.

Drahi told investors in August he felt "shocked" and "betrayed" by the ongoing corruption probe in Portugal, which led to the suspension of fifteen employees in Portugal, France and the United States and dozens of suppliers.

Altice is already close to a deal to sell its data centres in France to Morgan Stanley Infrastructure Partners, French newspaper Les Echos reported on Wednesday.

($1 = 0.9332 euros)

(Reporting by Mathieu Rosemain; Editing by Sharon Singleton)

By Mathieu Rosemain