Cablevision Systems Chief Executive Officer James L Dolan today confirmed the deal to be acquired by Altice for $34.90 in cash.
Charles Dolan founded Cablevision in 1973.
“Now, nearly half a century later, the time is right for new ownership of Cablevision and its assets. Patrick Drahi and Altice will be truly worthy successors, and we look forward to doing all we can to affect this transition for our customers and employees,” said Dolan.
“We move forward with AMC Networks and The Madison Square Garden Company – two and, eventually, three public companies – all born of Cablevision and each with brighter prospects today than ever before,” Dolan added.
Cablevision shareholders have approved the transaction by written consent. Cablevision has agreed that it would not pay any quarterly dividends from now to closing. The transaction is expected to close in the first half of 2016, subject to regulatory and other customary approvals.
Altice advised Cablevision that up to $5.8 billion of Cablevision and CSC Holdings debt will remain outstanding after the transaction is completed.