The state Public Service Commission on Wednesday unanimously approved the $17.7 billion purchase of Cablevision Systems Corp. by Altice N.V., a Netherlands-based cable and telecommunications company.
The four commissioners, meeting in Albany, adopted the recommendation of commission staff that permission be granted, subject to Altice accepting conditions aimed at ensuring quality service and restricting increased debt levels at Bethpage-based Cablevision.
The conditions include increasing internet broadband speeds and not laying off customer service representatives and service technicians for four years.
PSC chairwoman Audrey Zibelman said in Albany that the companies have until Thursday to accept the PSC’s conditions.
Altice, in a statement, said it was “pleased” with the PSC’s approval, adding, “We remain on track to closing the transaction as expected.”
A Cablevision spokeswoman on Wednesday referred questions to Altice.
Cablevision provides cable TV, broadband and digital telephone service, and owns media properties such as Newsday, the News 12 networks and amNewYork.
Altice provides cable TV, broadband, and digital and cellular phone service in the United States, Western Europe, Israel, the Caribbean and Indian Ocean territories. It also owns several print publications.