Patrick Drahi is in talks to buy French firm Eutelsat Communications S.A. (ENXTPA:ETL) in a deal that would see one of his investment vehicles take direct control of the Paris-listed satellite operator, two sources familiar with the matter told Reuters. Drahi is working with banks on the project and recently made a bid approach for Eutelsat which has a market value of 2.3 billion ($1.96 billion) and is backed by state investor Bpifrance Participations SA with a 20% stake, the sources said, speaking on condition of anonymity. Eutelsat has turned down Drahis initial proposal, one of the sources said, adding the price was deemed too low but talks remained active. Patrick Drahi and Eutelsat were not immediately available for comment. Bpifrance declined to comment.