Cablevision Bought by Israeli Mogul for $17B

European telecom company Altice, owned by Patrick Drahi, a French billionaire with Israeli citizenship, will take over U.S. cable television operator Cablevision.

Altice’s purchase price for the company, which will become the fourth largest cable operator in the United States, is $17.7 billion, Altice announced Thursday.

Cablevision is the leading operator in the New York metropolitan area, which includes New York, New Jersey, and Connecticut.

Drahi said in a statement that: “The strategy of Altice in the large and highly strategic US market is reinforced with the acquisition of Cablevision. We will be in a stronger position, as in all other markets in which we operate, to deliver the best services, invest in the most advanced technology, and develop innovative products for the benefit of our customers.”

Drahi, who also owns the Israeli cable company HOT and founded the Israel-based i24news international news channel, was born in Morocco and moved to France at the age of 15. He currently resides in Geneva, Switzerland.

Drahi is worth $15.4 billion, according to Forbes, which makes him the richest person in Israel and the third richest in France. He appears at number #57 on the Forbes Billionaires list for 2015.

Author

Your Comments

The Forward welcomes reader comments in order to promote thoughtful discussion on issues of importance to the Jewish community. All readers can browse the comments, and all Forward subscribers can add to the conversation. In the interest of maintaining a civil forum, The Forward requires that all commenters be appropriately respectful toward our writers, other commenters and the subjects of the articles. Vigorous debate and reasoned critique are welcome; name-calling and personal invective are not and will be deleted. Egregious commenters or repeat offenders will be banned from commenting. While we generally do not seek to edit or actively moderate comments, our spam filter prevents most links and certain key words from being posted and the Forward reserves the right to remove comments for any reason.

Recommend this article

Cablevision Bought by Israeli Mogul for $17B

Thank you!

This article has been sent!

Close