Cablevision, the cable operator that is a stalwart of the New York metropolitan area, is about to be sold to Altice, a telecommunications company based in Luxembourg.
A source close to the deal confirmed that the two companies have been in advanced talks. The sale could be announced Thursday morning, the source said.
The acquisition was first reported Wednesday evening by the New York Times and the Wall Street Journal. The Times valued the deal at $17.7 billion, including debt, while the Journal said $16.7 billion.
The exact figures could not immediately be obtained. A spokeswoman for Cablevision declined to comment and a representative at Altice could not be reached.
Altice, well-known in Europe but not in the United States, has been seeking to expand its footprint stateside, and Cablevision will help do that.
Cablevision provides cable and Internet to about 3 million homes, mostly in and around New York, especially on Long Island.
It also owns the Newsday newspaper and a suite of local cable news channels.
Cablevision’s CEO is James Dolan, the controversial businessman who also owns the New York Knicks basketball team.
With the Altice deal, Dolan would be handing control to a group of Europeans who also snapped up Suddenlink, a cable provider with 1.5 million homes, earlier this year.
Altice was also said to be interested in Time Warner Cable after Comcast’s bid fell apart. Charter successfully made a play for Time Warner Cable instead.
The end result is a significant round of consolidation in the American cable and broadband business.