Altice Buys Cablevision in $17.7 Billion Deal

September 17, 2015 World Screen Top Stories
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BETHPAGE: The European telecommunications giant Altice has agreed to acquire Cablevision, creating the fourth-largest cable operator in the U.S. market.

The Cablevision acquisition by Altice follows on its purchase of U.S. cable operation Suddenlink earlier this year. Under the agreement, Altice will deliver $34.90 in cash for each Cablevision share.

Patrick Drahi, the founder and president of Altice, said: “As a family business we are proud to be entrusted by the Dolan family with the ownership of Cablevision and look forward to continuing the pioneering path they have paved for us. The strategy of Altice in the large and highly strategic U.S. market is reinforced with the acquisition of Cablevision. We will be in a stronger position, as in all other markets in which we operate, to deliver the best services, invest in the most advanced technology, and develop innovative products for the benefit of our customers.”

Dexter Goei, the CEO of Altice, added: “We are very excited about our acquisition of Cablevision, which has developed into a preeminent cable operator under the steady, long-term ownership of the Dolan family. This acquisition, our second in the cable sector in the U.S., is the next step in Altice’s long-term-oriented strategy in the U.S., one of the largest and fastest growing communications markets in the world.”

Cablevision's CEO, James L. Dolan, issued the following statement on behalf of the Dolan family: “Since Charles Dolan founded Cablevision in 1973, the Dolan family has been honored to help shepherd our customers and employees through the most extraordinary communications revolution in modern history.

Now, nearly half a century later, the time is right for new ownership of Cablevision and its considerable assets. We believe that Patrick Drahi and Altice will be truly worthy successors, and we look forward to doing all we can to affect this transition for our customers and employees. We expect that Cablevision will be in excellent hands. For the Dolan family, we move forward with AMC Networks and The Madison Square Garden Company—two and, eventually, three public companies—all born of Cablevision and each with brighter prospects today than ever before.

With profound gratitude to our employees, customers and shareholders who have made our vision a reality, the Dolans look forward to continuing this fascinating journey.”