Weeks after Altice USA bought Cablevision for billions of dollars, Patrick Dolan, with an assist from his father Charles, are the majority owners of a new entity that includes Newsday and News 12 Long Island.
New York Public Service Commission's approval clears the last remaining hurdle from the European-based Altice media giant's bid to acquire the cable company. As for what the purchase portends for the future of Newsday and News 12 Long Island, Altice was mum.
If the $17.7 billion deal goes through as expected, the European-based company could become the fourth largest cable provider in the U.S. What the future holds for Newsday and News 12 Long Island remains unclear.
Officials smashed a wall with sledgehammers to celebrate the start of the work.
The European company also struck a deal to buy Newsday, News12 and amNewYork.
The deal, of which the financial terms are still being negotiated, is intended to cement the premium content providers in a more formidable arrangement, cut overhead costs and let AMC leverage advertising and distribution to their mutual benefit.
Recent Comcast-Charter deal suggests that Cablevision is off the table—for now.