Entering text into the input field will update the search result below

New York City, State file objections to Altice-Cablevision deal

Feb. 05, 2016 6:51 PM ETALTICE S A ADR (ATCEY) StockCVC, ATCEY, ATUSBy: Jason Aycock, SA News Editor1 Comment
  • In filings today, New York's Public Service Commission received objections from New York City and State to Altice's (OTCPK:ATCEY) plan to take over Cablevision Systems (CVC -0.9%), including "key public interest questions."
  • Among issues under dispute is whether NYC has any authority to OK or block the deal; Altice and Cablevision argue that it doesn't.
  • The city's filing details a number of concerns, including that Altice hasn't explained how it can both save $900M in costs and continue investing in fiber-to-the-premises -- and what kind of impact such cost cuts would have on jobs and customer service.
  • It's suggesting concessions including forcing the combined company to offer a $10/month, 30-Mbps broadband plan for low income families, and to keep "non-executive suite" jobs for at least four years.
  • For its part, the state argues that the two companies haven't proved the deal is in the public interest and echoes many of the city's concerns, but it's not set to make a decision on the deal until April 29.
  • Cablevision shares are flat in after-hours trading.
  • Previously: Union tells New York regulators to kill Altice-Cablevision deal (Jan. 27 2016)

Recommended For You

Related Stocks

SymbolLast Price% Chg
ATCEY--
ALTICE S A ADR