European telecom giant Altice is buying the largest cable provider in New York City's metropolitan area, agreeing to pay $17.7 billion to acquire Cablevision, the company that was founded in 1973 by the Dolan family.
The total value of the transaction reflects $10 billion in equity (valuing Cablevision at $34.90 a share) and another $7.7 billion in net debt.
The sale comes nearly eight years after Cablevision shareholders rejected a $10.6 billion offer from the Dolan family to purchase the company at more than $36 a share — but at the time, Cablevision's portfolio also included the Madison