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Shares of Cablevision Systems Corporation (NYSE: CVC) surged to a 52-week high of $34.05 on Friday following a report the company's sale to Altice cleared a regulatory hurdle.
According to the New York Post, New York City's government "accepted" the fact that it cannot stop Altice from acquiring the company.
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The publication, citing a "source close to the situation," added that ex-Mayor Michael Bloomberg gave away its authority in cable mergers to the state.
Cablevision serves more than 3 million clients across the Bronx and Brooklyn regions.
Related Link: Cablevision-Altice Is Finally Happening; What's Next?
The city's approval could be made official during a Department of Information Technology meeting on May 9. The State's Department of Public Service Commission will then approve the deal, along with the Federal Communications Commission.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.