Cablevision sale about to get city approval
New York City has accepted that it cannot stop Altice from buying Cablevision, a source close to the situation told The Post.
The city has recently determined that former Mayor Michael Bloomberg gave away its authority in cable mergers to the state, the source said.
The Netherlands-based business met in the last few weeks with Mayor de Blasio’s counsel Maya Wiley to hammer out a deal, the source said.
An Altice meeting is planned in coming days with Public Advocate Letitia James, the source said.
City approval may be coming at its May 9 Department of Information Technology meeting.
The State’s Department of Public Service Commission is set to approve the deal later in May, as is the Federal Communications Commission.
James has publicly questioned the November $18 billion deal alleging it will leave the company with too much debt.
“The new Cablevision will lack the capital to make robust investments in much needed broadband infrastructure, or enhance customer service.”
Cablevision presently serves 2 million Bronx customers, and 1.4 million in Brooklyn.
While Altice’s deal is nearing city approval, its French cable company, Numericable-SFR, agreement to buy some of Bouygues Telecom’s assets fell through earlier this month causing Altice’s shares to drop by more than 10 percent.
Altice has agreed to pay $34.90 in cash for Cablevision. The target’s shares closed Thursday at $32.95.
Wiley told The Post, “The City’s review and approval authority over the Altice-Cablevision merger is clear.”
“We want to make sure … a change in ownership does not mean that New Yorkers are shortchanged on quality of service, quality of infrastructure, consumer protection and jobs.”