More than four decades ago, Cablevision became one of the cable fortunes in the United States thanks to the Dolan clan, who determinedly established the empire. But on Thursday, the Dolans announced that the family has agreed to sell their cable television empire to the European media company, Altice, for $17.7 billion.
The Cablevision-Altice deal, which included debt, left the Dolan clan with a hefty multibillion payout. According to The New York Times, the sale will value the Dolan's collective state at about $2.2 billion.
"Since Charles Dolan founded Cablevision in 1973, the Dolan family has been honored to help shepherd our customers and employees through the most extraordinary communications revolution in modern history," Cablevision CEO and Charles Dolan's son, James L. Dolan said in a statement. "Now, nearly half a century later, the time is right for new ownership of Cablevision and its considerable assets."
Despite Altice's acquisition of Cablevision, the Dolans will still control the Knicks and the Rangers, as well as Madison Square Garden. They will also oversee and control AMC Networks, the home of "The Walking Dead" and other successful shows, Reuters noted.
Aside from the Cablevision takeover, European giant Altice has already been under the spotlight after it agreed to acquire the U.S. cable operator Suddenlink for $9.1 billion before considering a second play for Time Warner Cable. The company is founded and led by billionaire Patrick Drahi, a man who telecom mogul John Malone considered a "genius," The Hollywood Reporter revealed.
With the Cablevision and Suddenlink acquisitions, Drahi, a Moroccan-born and a citizen of both France and Israel, finally made his U.S. ambitions come true by making his Amsterdam-based cable and telecom company the fourth largest cable operator in America.
Drahi, however, is often the subject of public and government criticism for living and keeping his business interests abroad. Now, Altice mirrors Drahi's global lifestyle, which is best known for its businesses in France while its stocks is listed on the Amsterdam exchange. Drahi's own personal holding company is in the island tax haven of Guernsey, which many of the typical reporting requirements are nonexistent.
Drahi is also among the Forbes' top 100 global billionaires and the sixth-richest person in France.
Meanwhile, Cablevision CEO James Dolan believes that Patrick Drahi and Altice will be worthy successors and the Dolan clan expect their empire will be in "excellent hands."
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