Cablevision Systems Corp. will have a new owner. Altice NV is buying Cablevision for $34.90 per share. The price tag represents a 22% premium to Cablevision’s Wednesday closing price of $28.54 per share. The purchase of Cablevision represents an enterprise value of $17.7 billion. Bethpage, N.Y.-headquartered Cablevision provides cable to about 3.1 million residences and businesses in and around New York. The deal also includes Cablevision’s Lightpath business services unit and the company’s advertising sales unit Cablevision Media Sales, as well as local television news provider News 12 Networks and newspaper publisher Newsday Media Group. Cablevision generated sales of $6.53 billion in the 12 months ended June. Cablevision was founded by Charles Dolan in 1973. In a statement on Thursday, CEO James L. Dolan said ‘the time is right for new ownership of Cablevision and its considerable assets.’ The Dolan family will retain control of cable channel owner AMC Networks Inc. and stadium operator and events organizer The Madison Square Garden Co.
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