Amsterdam-based Altice suddenly looks like a major U.S. cable player, saying Thursday it plans to acquire New York-based Cablevision for $17.7 billion. Earlier this year, Altice bought St. Louis, Mo.-based Suddenlink Communications for $9.1 billion.
If U.S. regulators approve the deal, reports the New York Times, Altice would become one of the largest cable operators in the country, with Comcast, Time Warner Cable, Charter Communications and Cox Communications as rivals. The Dolan family, with James Dolan as CEO, currently controls Cablevision. The Dolans will retain other assets, including Madison Square Garden, the New York Knicks, the New York Rangers and AMC Networks.
Altice, founded and controlled by French-Israeli billionaire Patrick Drahi, operates cable and mobile businesses in France, Switzerland and other countries. Dexter Goei, formerly an American investment banker, is Altice’s CEO.
Altice’s deal to buy Cablevision is just the latest in a round of cable consolidation. Charter Communications is in the process of buying Time Warner Cable, while AT&T just completed its $45.8 billion acquisition of DirecTV.
Read more:The New York Times
Brief Take: Altice’s moves into the U.S. pay-TV market takes telecommunications consolidation global.
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