“Cablevision has agreed to sell itself to Altice, an acquisitive European telecommunications giant, for about $17.7 billion, including debt, people briefed on the matter said on Wednesday,” reports The New York Times.
The story says that Altice, based in Luxembourg and “run by the French-Israeli billionaire Patrick Drahi, has already announced its intentions to build a footprint in the United States, striking a $9.1 billion deal for Suddenlink Communications this spring. The European telecom had also briefly considered a run for Time Warner Cable…”
The Times also says “Adding Cablevision and its 3.1 million customers would let the European telecom vault into the top echelon of cable companies in the United States, behind only the likes of Comcast and Charter. Its latest acquisition is the main operator in the New York tristate area, and its assets also include the newspapers Newsday and amNewYork.”
Cablevision was founded by and is still controlled by the Dolan family. The Times says “The transaction with Altice would not affect other companies controlled by the Dolan clan, including the Madison Square Garden Company, which owns its namesake sports arena and the New York Knicks and Rangers, and AMC Networks, the cable channel company.”
To read more details about this story please click here, which will take you to the original Times story. Earlier today the Wall St. Journal, which is behind a pay wall, first reported that Altice was close to buying Cablevision.