Altice/Cablevision Gets NYC OK With Conditions
New York City signed off on the Altice buy of Cablevision, leaving New York state's Public Service Commission as the last regulatory approval needed to close the deal. The city’s Franchise and Concession Review Committee voted Wednesday to approve the…
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draft resolution with conditions proposed by Mayor Bill de Blasio's office (see 1605060038). The Democratic mayor had proposed requirements that Altice give the Bronx and Brooklyn priority for infrastructure upgrades, and that it reach an agreement with the state PSC -- acceptable to the city's Department of Information Technology and Telecommunications -- that maintains “levels of customer-facing employees for an appropriate time period.” The mayor’s office applauded Wednesday’s vote. “We are pleased that the FCRC has voted to allow this transaction to proceed with conditional approval,” mayor’s counsel Maya Wiley said in a statement. “The City worked hard to make sure Altice’s acquisition of Cablevision would ensure fairness for all New Yorkers -- particularly residents of Brooklyn and the Bronx -- so we applaud a deal that accomplishes that goal.” The need for a New York City review had been debated. The city said its franchise agreement with Cablevision includes authority to review transfers of control, but Altice and Cablevision contested that right (see 1604050059). The last remaining regulatory hurdle is the New York PSC, which is expected to decide Friday next week. The FCC OK'd Altice/Cablevision without conditions other than for national security (see 1605040010). Altice didn’t comment.