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Cablevision to be acquired by Altice

European communications company, Altice, has entered into an agreement to acquire US cable company, Cablevision Systems Corporation (NYSE:CVC). Altice will pay $34.90 per Cablevision share in cash and will finance the remaining balance, in a deal worth $17.7 billion. The acquisition comes during a time in which the US cable industry has been very active in mergers and acquisition deals so far in 2015. Altice founder, Patrick Drahi, is a billionaire former understudy to John C. Malone and has expressed interest in expanding Altice’s business into the US. Cablevision was primarily under Dolan Family control, but came to the conclusion “the time is right for new ownership of Cablevision,” (Yahoo! Inc. (NASDAQ:YHOO) News).

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Altice to inherit 3.1 million Cablevision customers, newspaper assets

Cablevision operates primarily in the New York tristate area with 3.1 million cable customers. Additionally, Cablevision owns newspapers Newsday and amNewYork and...