ALTICE COMPLETES
ACQUISITION OF CABLEVISION SYSTEMS CORPORATION
Cablevision and Suddenlink Form #4 U.S. Cable Operator
Altice USA
Company Names U.S. Senior Leadership Team, Effective
Immediately
June 21, 2016
-- Altice (Euronext: ATC, ATCB) announced today that it has
completed the acquisition of Cablevision Systems Corporation, the
leading communications service provider in the New York
metropolitan area. Cablevision together with Suddenlink will form
Altice USA, the #4 cable operator in the U.S., which serves more
than 4.6 million Optimum and Suddenlink customers across 20
states.
Patrick Drahi,
Founder and Controlling Shareholder of Altice: "The completion
of the Cablevision acquisition marks a critical step in the
development of the Altice Group. Altice USA is a key pillar
of our business and a powerful and dynamic growth platform.
We are very excited about our U.S. business and the opportunities
we see in this market. We will accelerate network investments
and bring innovative products and services to U.S. customers by
leveraging our global operational expertise, scale and resources. I
wish to also thank the Dolan family for entrusting us with their
life's work at Cablevision, where they have developed under their
pioneering stewardship one of America's pre-eminent cable
operations with best-in-class management talent."
Dexter Goei,
President of Altice N.V.; Chairman and Chief Executive Officer of
Altice USA: "Altice USA is well positioned to grow as a leading
communications and media group with its best infrastructure, most
innovative and reliable services, and a committed customer-centric
approach. Our immediate focus is on integrating our businesses
within Altice, fostering their development through innovation and
investment, and delivering on our plans to enhance the customer
experience. Our very talented employees have great energy and
enthusiasm, and we are confident that altogether we will help to
build Altice USA to the benefit of our customers and the local
communities that we serve."
Transaction Details
Altice entered into a definitive
agreement to acquire Cablevision on September 16, 2015. Cablevision
shareholders previously approved the transaction by written
consent. The completion of this transaction follows the receipt of
applicable federal, state and local regulatory approvals. In
December 2015, Altice completed its acquisition of Suddenlink.
The acquisition of Cablevision by
Altice represents an enterprise value of $17.7 billion. BC Partners
and CPP Investment Board hold a 30 percent stake, as previously
announced. Under the terms of the acquisition, Cablevision
shareholders receive $34.90 in cash for each Cablevision Class A
and Class B common stock. June 20, 2016, was the last full
trading day of Cablevision Systems Corporation (NYSE: CVC) common
shares on the New York Stock Exchange.
Executive Leadership Team [1]
Altice USA has named its executive
leadership team:
-
Dexter Goei - President of Altice N.V.;
Chairman and Chief Executive Officer of Altice USA
-
Charles Stewart - Co-President and
Chief Financial Officer of Altice USA
-
Lisa Rosenblum - General Counsel
-
Michael Schreiber - Chief Content
Officer
-
Lee Schroeder - Head of Government
Affairs
-
Victoria Mink - Chief Accounting
Officer
-
Patrick Dolan - President, News 12
Networks
-
Ed Renicker - President, Media
Sales
-
Hakim Boubazine - Co-President and
Chief Operating Officer of Altice USA
-
Pragash Pillai - Head of Optimum
Operations
-
David Gilles - Head of Suddenlink
Operations
-
Kevin Stephens - President, Business
Services
-
Terry Cordova - Chief Technology
Officer
-
Gregg Graff - Head of Residential
Sales
-
Matthew Lake - Chief Marketing
Officer
-
Keith Sherwell - Chief Information
Officer
-
Colleen Schmidt - Head of Human
Resources and Talent Development
Business Investments and Customer Benefits
Altice USA is committed to serving
U.S. customers with superior and innovative products, service, and
compelling integrated news and content. The completion of the
Cablevision transaction will drive investments into the business
while providing full access to the operational expertise,
technology, and resources of Altice's international
operations. Among other initiatives, Altice USA will:
-
Significantly increase broadband speeds through
extensive investments in network upgrades and improvements;
-
Introduce a low-income broadband offering;
-
Introduce a state-of-the art and fully
evolutive, all-in-one home center that integrates the functionality
of set top boxes, routers and Wifi modems in one device and
provides a more user-friendly experience;
-
Introduce a next-generation customer interface
offering a modern, informative and seamless navigation, integrating
video on demand, online content, and advanced navigation and
recommendation tools to maximize the consumer's experience;
-
Invest more into and support the WiFi network,
which will further extend the reach of broadband offerings;
-
Upgrade existing and invest into new IT systems
to optimize processes and better serve customers; and
-
Inspire the next generation of technology
leaders through programs that encourage the pursuit of
STEM-related career paths.
About Altice
Group
Founded by telecom entrepreneur,
Patrick Drahi, Altice is a multinational cable, fiber,
telecommunications, contents and media company with presence in
four regions -- Western Europe (comprising France, Belgium,
Luxembourg, Portugal and Switzerland), the United States, Israel,
and the Overseas Territories (currently comprising the French
Caribbean, the Indian Ocean regions and the Dominican Republic).
Altice provides very high speed based services (high quality pay
television, fast broadband Internet and fixed line telephony) and,
in certain countries, mobile telephony services to residential and
corporate customers. Altice is also active in the media space with
a portfolio of channels (News, Sports, Lifestyle...) as well as
providing Premium content on nonlinear platforms; it also produces
its own original content (Series, Movies.).
Altice (ATC & ATCB) is listed
on NYSE Euronext Amsterdam.
For more information, visit
www.altice.net
About Altice
USA
Altice USA, a subsidiary of Altice Group (Euronext: ATC, ATCB), is
the fourth largest cable operator in the United States, delivering
residential and business services to 4.6 million customers across
20 states. Providing high-quality products that keep customers
connected, Altice USA (through its Optimum, Lightpath and
Suddenlink brands) offers digital cable television, high-speed
Internet, voice, WiFi and advertising services. To meet our
customers' content and information needs, the company through News
12 also offers hyper-local news and programming created
specifically for the communities we serve. For more information,
visit www.alticeusa.com
Contacts:
Head of
Communications, Altice
Arthur Dreyfuss: +41 79 946 49 31
/ arthur.dreyfuss@altice.net
Head of Investor
Relations, Altice
Nick Brown: +41 79 720 15 03 /
nick.brown@altice.net
Head of
Communications, Altice USA
Lisa Anselmo: 1-516-279-9461 /
lisa.anselmo@alticeusa.com
[1] Full
leadership team with bios and photos available on
www.alticeusa.com
Altice Completes Acquisition of
Cablevision Systems Corporation
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Altice NV via Globenewswire
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