In an agreement announced on Thursday, Altice N.V. will soon buy Cablevision Systems Corp., according to Bloomberg. The two companies agreed upon $17.7 billion for the acquisition.
This deal pushes Altice to nearly the top of the list as it continues its expansion into the Unites States, according to the New York Times. This is the second acquisition by the European company, having agreed to buy Suddenlink Communications for $9.1 billion in May.
If it goes through, this deal will make Altice the fourth largest cable operator in the U.S., according to USA Today. The companies ahead include Comcast, Time Warner Cable, Charter Communications, and Cox Communications. Even as these companies are quickly consolidating, recent takeovers in the market are shaking up the U.S. T.V. market.
AT&T bought DirecTV in July, and Charter Communications is in the process of acquiring Time Warner Cable Inc., according to Bloomberg.
This leaves many in the industry worried of a kind of monopoly in the T.V. market, all the power falling into the hands of a select few.
Also agreed upon in the deal was the debt Altice will assume when taking over Cablevision, all $7.7 billion, according to The New York Times. They will also offer $34.90 in cash, which is a 22 percent premium, for every cablevision share owned.
The deal is expected to close within the year, possibly in early 2016.
