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New Cablevision Buyer Patrick Drahi Cites Likely Layoffs, Salary Cuts

Patrick Drahi is expected to make big changes once he takes over Cablevison Systems.
Patrick Drahi is expected to make big changes once he takes over Cablevison Systems. Photo Credit: Wikipedia

The prospective new owners of Cablevision Systems will run the fourth-largest cable TV system in the U.S. differently from current owner James Dolan, according to a report in TheStreet.com.

Altice CEO Patrick Drahi told investors that he intends to pay as little as possible for some programming, and analysts predict that could also lead to salary cuts and layoffs, The Street reported.

Analysts have also speculated that Drahi may outsource service and installation operations to save money, according to TheStreet.

Drahi is also talking tough on high salaries. Drahi, speaking at a Goldman Sachs conference in New York, said more than 300 Cablevision employees earn more than $300,000 per year and "that will change," according to CNBC.

Cablevision agreed to the $17.7 billion sale last week.

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