Actionable news
All posts from Actionable news
Actionable news in CVC: CABLEVISION SYSTEMS Corp,

Altice's Acquisition Of Cablevision Has Been Approved By The FCC

Trade with confidence. Are you a professional trader? Be the first to get the alert with Benzinga Pro's real-time newsfeed and audio squawk and never miss an opportunity again.
Don't miss the chance to try it FREE today.

Cablevision Systems Corporation NYSE:CVC, ATCEY - Altice's Acquisition Of Cablevision Has Been Approved By The FCC

ALTICE S A ATCEY ATSVF's proposed multi-billion acquisition of Cablevision Systems Corporation CVC took a step forward on Wednesday after the U.S. Federal Communications Commission (FCC) said that it had approved the merger.

European-based Altice initially failed to receive the necessary support for its merger on the grounds that the deal would not favor Cablevision's customers, especially those in the New York City region.

Related Link: Report: Altice's $10 Billion Acquisition Of Cablevision Is "Running Into Unexpected Turbulence"

According to Reuters, the FCC concluded that the transaction would indeed be in the public's interest, as the company vowed to upgrade Cablevision's broadband.

Reuters quoted Altice as saying in a statement that it was pleased with the FCC's conclusion, "which recognizes the benefits that the proposed merger will bring to consumers in the U.S. We continue to make good progress toward a transaction closing in the second quarter of this year."

However, the transaction still requires the blessing of regulators from both New York City and the state of New York.

© 2016 Benzinga does not provide investment advice. All rights reserved.