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Report: Altice's $10 Billion Acquisition Of Cablevision Is 'Running Into Unexpected Turbulence'

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Shares of Cablevision Systems Corporation (NYSE: CVC) were trading lower by 1.57 percent at $31.27 late Wednesday morning following a cautious report by The Wall Street Journal.

According to WSJ, Altice's $10 billion deal to acquire Cablevision is "running into unexpected turbulence" in New York City.

The publication noted that New York City's government could block the deal if it is not in the public's interest. The report added that the city's top legal counsel Maya Wiley is questioning if Altice has the "financial wherewithal" to "digest" Cablevision without "skimping" on customer service and infrastructure upgrades.

"Altice is talking about $900 million in synergies. Well, what's getting cut? How's that going to impact the economy of New York and quality of services?" WSJ quoted Wiley as saying. "We certainly are not afraid to disapprove a transaction."

 

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Posted-In: Altice Cablevision Maya Wiley New York City Wall Street JournalM&A News Media