As New York regulators finally get ready to sign off on the $17.7 billion purchase of Cablevision by Europe's Altice SA, Cablevision's (NYSE: CVC) Ethernet services division, Lightpath, is signaling that business is humming along, as usual.
Lightpath said its fiber network has surpassed 6,500 route miles of coverage and now reaches 8,000 business locations.
"Lightpath is bringing fiber to areas that other providers can't, providing a far-reaching fast track for data throughout the New York metro area," said Lightpath President Dave Pistacchio, one of a number of top-level Cablevision executives still in place as Altice's takeover of the MSO enters its final days of regulatory review. "Our network is where businesses need to be, delivering the services and speed that are critical to meeting changing business demands."
The New York Public Services Commission has put the Altice deal on its preliminary agenda for Wednesday. The FCC and Justice Department have already cleared the arrangement, leaving the New York state officials as the final regulatory hurdle.
With New York regulators contemplating stiff conditions on when Altice can execute cost-saving moves including job cuts at Cablevision, the European telecom conglomerate has been in no mood to rush PSC officials, as it looks for more favorable conditions.
According to published reports, the PSC is still looking to place a four-year moratorium on Cablevision job cuts, while asking that a quarter of projected savings be kicked back to customers in the form of price cuts.
For its part, Altice sold investors on the deal with the promise of $900 million in projected efficiencies in the first several years of the deal.
- read this Lightpath press release
- read this Times Union story
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