Dutch telecommunications giant Altice today officially completed its acquisition of New York-based cable company Cablevision Systems Corporation.
The transaction, which includes Cablevision’s 3.1 million customers throughout New York, New Jersey and Connecticut, as well as regional news channel News 12 Networks and newspapers Newsday and amNewYork, was approved by Cablevision shareholders and has now met federal, state and local regulatory approval. The Federal Communications Commission approved the sale in May.
Altice in September entered into a definitive agreement to acquire Cablevision for $17.7 billion, a buy that included taking on Cablevision’s massive debts, which stood at $7.43 billion as of December 31. Now-defunct Cablevision, which had been owned by the Dolan family since its founding in 1973, employed about 14,000.
A new entity, Altice USA, now comprises the forth-largest cable operator in the country, with more than 4.6 million subscribers across 20 states. It includes St. Louis-based Suddenlink Communications, which has 1.5 million subscribers. Altice acquired a 70 percent majority stake in Suddenlink last year for $9 billion.
The new cable operator has also now named its U.S. executive leadership team. Dexter Goei, who was previously Altice chief executive officer, has now been named chairman and CEO of Altice USA, as well as Altice N.V president. Charles Stewart has been appointed Altice USA co-president and CFO, and Hakim Boubazine has been named co-president and COO.
In light of the appointment, Goei has been succeeded by Altice chief operating officer Michel Combes, who now takes the Altice CEO spot.
The appointments are effective immediately.
Altice was founded in 2001 by French billionaire Patrick Drahi. The Woerden, Netherlands-based company employs more than 55,000 globally.
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