Cablevision will sell itself to the European telecom giant Altice for about $17.7 billion.
The deal could be announced as soon as Thursday, says a Wednesday evening report from the New York Times, citing unnamed sources.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":1804857,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,entrepreneur,","session":"D"}']Altice and its French billionaire front-man Patrick Drahi has said it wants to establish a beachhead in the U.S. It acquired Suddenlink Communications in May for $9.1 billion.
The deal is the latest in a string of communications provider acquisitions that is reducing the number of companies selling video and broadband services.
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In May, America’s fourth largest cable provider, Charter Communications, announced it would buy the country’s second largest cable provider, Time Warner Cable, in a deal valued at $56.7 billion in cash and stock.
Altice also briefly reportedly considered putting in a bid for Time Warner Cable.
AT&T announced its intention to acquire DirecTV back in May 2014, and the FCC approved the deal, with conditions, in July.
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