Cablevision, which generated $6.5B revenues for the year ended June 30, is being acquired by European cable giant Altice for $17.8, which includes assumption of $14.5B in new and existing debt.
The New York Times called Long Island-based Cablevision "one of the last remaining trophies of the American cable industry."
The acquisition of Cablevision's 3.1M customer base in New York, New Jersey and Connecticut combined with Altice's recently acquired Suddenlink makes founder Patrick Drahi's company the No. 4 cable system in the US with 4.6M users in 20 states.
"The strategy of Altice in the large and highly strategic US market is reinforced by Cablevision," he said in a statement. "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."
The acquisition includes Cablevisions's News 12 Networks, local news network recaching 3.7M households in metropolitan New York, Newsday and amNew York.
James Dolan, Cablevision CEO, released the following statement from his 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."
Teneo Strategy's David Vermillioin is handling press for Altice, whcuih has cable systems in France, Belgium, Luxembourg, Portugal, Switzerland, Israel, Dominian Republice and French Caribbean.