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Shares of
Cablevision Systems CorporationCVC were trading lower by 1.57 percent at $31.27 late Wednesday morning following a
cautious report by The Wall Street Journal.
According to The Wall Street Journal, 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?" The Wall Street Journal quoted Wiley as saying. "We certainly are not afraid to disapprove a transaction."
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