FCC approves Altice purchase of Cablevision Systems

The Federal Communications Commission said it had approved European telecoms group Altice NV's acquisition of US cable company Cablevision Systems in a $17.7 billion deal that includes assumption of debt.

The Dutch firm still needs approval from the state of New York and New York City. If the deal is approved, Altice would become the fourth largest US cable provider. Cablevision has 3.1 million subscribers, mostly in New York, New Jersey and Connecticut. The FCC said it found the transaction was in the "public interest" and noted Altice had vowed to invest to upgrade Cablevision broadband. Altice said in a statement it was pleased with FCC approval, "which recognizes the benefits that the proposed merger will bring to consumers in the U.S. We continue to make good progress toward a transaction closing in the second quarter of this year."

The approval order noted that a US government review panel including the Justice Department, Department of Homeland Security and Defense Department, told the FCC on April 20 that they "have no objection to grant of the applications" based on the commitments made.