Cablevision agreed to sell itself to European telecommunications giant Altice for approximately $17.7 billion on Wednesday, according to reports.
Both companies announced the deal Thursday morning.
The deal could draw heavy concern from regulators as the telecommunications industry continues a period of transition and upheaval. Charter Communications has agreed to purchase Time Warner Cable and AT&T recently purchased DirecTV for $48.5 billion, The New York Times reported.
Founded in 1973 by Charles Dolan, Cablevision is now run by Dolan's son, James L. Dolan, also the owner of the Knicks and Rangers and Madison Square Garden.
Cablevision also owns Newsday and News 12.
"The time is right for new ownership of Cablevision and its considerable assets," James Dolan said in a statement. "We believe that Patrick Drahi and Altice will be truly worthy successors, and we look forward to doing all we can to affect this transition for our customers and employees. We expect that Cablevision will be in excellent hands."
The pro sports teams, MSG and other Dolan properties, including the AMC network, will not be affected by the Cablevision sale.
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