Cablevision to Be Sold to European Telecom Giant Altice for $17.7 Billion

Price tag would include U.S. cable provider’s debt

Last Updated: September 16, 2015 @ 6:07 PM

European telecom company Altice has agreed to buy U.S. cable provider Cablevision for $17.7 billiion, including debt, according to reports.

News of the deal was first reported by The New York Times, which cited unnamed sources.

The agreement comes on the heels of Charter Communications’ agreement to purchase Time Warner Cable, which came after Comcast failed in its bid to acquire TWC. It also comes after AT&T agreed to buy DirecTV for $48.5 billion.

French-owned Altice announced a plan earlier this year to buy U.S. provider Suddenlink Communications for $9.1 billion.

The proposed deal would likely draw scrutiny from regulators. Comcast backed away from its Time Warner Cable in April in the face of pressure from the FCC.

Owned by the Dolan family, Cablevision is the fifth largest U.S. cable provider and reaches 3.1 million customers, primarily in New York, New Jersey and Connecticut. The company also owns newspapers Newsday and amNewYork.

Altice is owed by the French billionaire Patrick Drahi, who has developed a reputation for aggressively pursuing acquisitions since founding the company in 2002.

The Cablevision deal would not affect the Dolans’ interests in AMC Networks, the Madison Square Garden Company, the New York Knicks, or the New York Rangers.

Keep
Reading...

Looks like you’re enjoying reading
Keep reading by creating
a free account or logging in.