Cablevision agrees to be bought by Altice, sources say
Source: Newsday
Cablevision has agreed to be acquired by European telecom giant Altice, according to sources.
Bethpage-based Cablevision Systems Corp., which owns Newsday, was founded in 1973 by Charles F. Dolan, a cable television pioneer, who is chairman. His son, James L. Dolan, is chief executive. The Dolan family owns a controlling interest in Cablevision, according to regulatory filings.
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Altice, founded by French entrepreneur Patrick Drahi, has expressed interest in expanding its presence in the U.S. cable industry. In July, shares of Cablevision rose after The Wall Street Journal reported that Drahi said in an interview that he would like to buy companies like Cablevision and Atlanta-based Cox Communications Inc.
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Drahi's strategy is to stitch together U.S. cable assets and add mobile phone service to TV, telephone and Internet service, Thomas Eagan, an analyst at Manhattan research and brokerage firm Telsey Advisory Group, said in July.
Read more: http://www.newsday.com/business/cablevision-agrees-to-be-bought-by-altice-sources-say-1.10853529
