[guided]We upgrade the $K(\alpha)$-basis $\{e_1, \ldots, e_t\}$ of $L$ to a $K$-basis by refining each $e_j$ using the $K$-basis $\{1, \alpha, \ldots, \alpha^{r-1}\}$ of $K(\alpha)$. The set $\{1, \alpha, \ldots, \alpha^{r-1}\}$ is a $K$-basis of $K(\alpha)$: the isomorphism $K[x]/\langle p_\alpha \rangle \cong K(\alpha)$ (sending $x$ to $\alpha$) transfers the basis $\{1, x, \ldots, x^{r-1}\}$ of the quotient to $K(\alpha)$.
For each $j$, define
\begin{align*}
\mathcal{B}_j := \{e_j, \alpha e_j, \alpha^2 e_j, \ldots, \alpha^{r-1} e_j\}.
\end{align*}
This is a $K$-basis of $V_j = K(\alpha) \cdot e_j$: applying the $K$-linear isomorphism $K(\alpha) \xrightarrow{\sim} V_j$, $\lambda \mapsto \lambda e_j$, to the $K$-basis $\{1, \alpha, \ldots, \alpha^{r-1}\}$ of $K(\alpha)$ gives a $K$-basis of $V_j$, which is exactly $\mathcal{B}_j$.
Concatenating $\mathcal{B} := \mathcal{B}_1 \sqcup \cdots \sqcup \mathcal{B}_t$ produces a set of $tr = n$ vectors in $L$. Is $\mathcal{B}$ a $K$-basis of $L$? Yes: the $K$-direct sum $L = \bigoplus_j V_j$ from the previous step means $\mathcal{B}$ is a $K$-basis of $L$ iff each $\mathcal{B}_j$ is a $K$-basis of $V_j$, which we just verified.
Now consider the matrix $M \in K^{n \times n}$ of $m_\alpha$ with respect to the ordered basis $\mathcal{B}$ (we fix the ordering: $e_1, \alpha e_1, \ldots, \alpha^{r-1} e_1, e_2, \alpha e_2, \ldots, \alpha^{r-1} e_t$). Since $m_\alpha$ preserves each $V_j$ (by invariance), applying $m_\alpha$ to any basis vector in $\mathcal{B}_j$ produces a $K$-linear combination of vectors in $\mathcal{B}_j$ alone — no "cross-block" contributions. The matrix $M$ is therefore block-diagonal with $t$ blocks of size $r$:
\begin{align*}
M = \operatorname{diag}(C_1, C_2, \ldots, C_t),
\end{align*}
where $C_j \in K^{r \times r}$ is the matrix of $m_\alpha|_{V_j}$ in the basis $\mathcal{B}_j$.
Claim: $C_1 = C_2 = \cdots = C_t =: C$. Reason: for each $j$, the isomorphism $\psi_j: K(\alpha) \to V_j$, $\psi_j(\alpha^i) = \alpha^i e_j$, is $K$-linear and intertwines "multiplication by $\alpha$" — specifically, $m_\alpha \circ \psi_j = \psi_j \circ m_\alpha|_{K(\alpha)}$. In terms of matrices, the matrix of $m_\alpha|_{V_j}$ in $\mathcal{B}_j$ is the same as the matrix of $m_\alpha|_{K(\alpha)}$ in the basis $\{1, \alpha, \ldots, \alpha^{r-1}\}$ of $K(\alpha)$. This is independent of $j$.
Denote the common block by $C$. Then $M = \operatorname{diag}(C, C, \ldots, C)$. Taking characteristic polynomials: for block-diagonal matrices, the determinant factors as the product of the determinants of the diagonal blocks (this is a standard determinant identity, following from Laplace expansion or the definition via permutations):
\begin{align*}
\chi_{m_\alpha}(x) = \det(xI_n - M) = \prod_{j=1}^t \det(xI_r - C) = \det(xI_r - C)^t.
\end{align*}
So we have reduced computing the characteristic polynomial of $m_\alpha$ on the $n$-dimensional $L$ to computing the characteristic polynomial of $m_\alpha$ on the $r$-dimensional $K(\alpha)$, namely $\det(xI_r - C)$.[/guided]