Europe's Altice is buying Cablevision for $17.7 billion

(Image credit: Miguel Medina/AFP/Getty Images)

On Thursday, European telecom Altice announced that it is buying Cablevision, the fifth largest U.S. cable company, for $34.90 a share, or about $17.7 billion including debt. Altice, based in Amsterdam, is run by Patrick Drahi, a billionaire investor who has expanded aggressively in Europe, bundling four services: cable TV, broadband internet, fixed-line phone service, and mobile phone service. The "quadruple play" bundle isn't common in the U.S. market, but "my vision is to do the same in the U.S., but bigger," Drahi told The Wall Street Journal.

This is Altice's second major foray into the U.S. cable market, after its $9.1 billion purchase of Suddenlink Communications earlier this year. Cablevision is a much bigger acquisition, though, in part because it is the largest cable operator in the New York-New Jersey-Connecticut tri-state area. The deal is expected to face regulatory scrutiny.

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Explore More

Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.