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European Telecom's $10B Purchase Of Cablevision Approved

Jim Dolan
Jim Dolan Photo Credit: Madison Square Garden Company

Regulators in New York approved "with conditions," European telecom Altice's acquisition of Cablevision in a $10 billion deal that will close in the second quarter, according to multiple reports.

Conditions include company upgrades to broadband speeds, providing services to assist customers with low and middle incomes, and preserving jobs relevant to customer service, the New York Public Service Commission told the Wall Street Journal.

Moreover, Altice would need to make upgrade to its infrastructure to better its handling of emergencies related to weather, and provide free Wi-Fi to residents in state or federal emergencies, said the Wall Street Journal.

Founded in 1973 by Charles Dolan, Cablevision is 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.

Click here to read the full Wall Street Journal story.

Read more about the story on Daily Voice here.

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