Altice-Cablevision Headed for June Vote

New York PSC staff says adherence to conditions would make deal in public interest

The other big cable deal this year – Altice N.V.’s $17.7 billion purchase of Cablevision Systems -- appears headed for a June finish, after the New York Public Service Commission issued a statement that said the deal would be in the public interest if its conditions are met.

Altice agreed to purchase Cablevision in an all-cash deal in September. The transaction received Federal Communications Commission approval on May 4.

The New York Public Service Commission, the regulatory body for Cablevision’s largest market, has taken a hard look at the deal over the past several months. The PSC had earlier expressed concern about the $900 million in expected synergies Altice intends to extract over time from Cablevision, fearing it could mean massive layoffs and a precipitous drop in customer service.

The PSC staff has come up with several conditions, including offering low-cost broadband to low-income families, and customer service and job protections.

In its filing, the PSC said if its staff recommendations and conditions are accepted by Altice, it would “align the transaction with the Commission’s public interest standard enumerated in cases of this size and importance.”

The PSC is scheduled to vote on the transaction on June 16.