Patrick Drahi, the French-Israeli billionaire and one of the wealthiest businessmen on the planet, is on the verge of adding to his empire by acquiring Cablevision, one of the United States' largest cable television providers.
Cablevision Systems Corp has agreed to a $17.7 billion takeover offer by European telecommunications company Altice, which is controlled by Drahi, according to two people familiar with the matter, the latest acquisitions in a sector struggling with declining viewership.
Shares of Cablevision, which is controlled by New York's Dolan family, jumped as much as 16 percent to $33.12 after the bell as details of the takeover deal, which includes Cablevision's debt, became public. The New York Times had earlier reported on the deal.
The sources said Altice will pay $34.90 per share for Cablevision and will finance the deal through banks and by selling additional shares.