Altice USA

Last updated
Altice USA, Inc.
Company type Public
NYSE:  ATUS
Industry
Predecessors
FoundedJune 21, 2016;7 years ago (2016-06-21)
Headquarters
Long Island City, New York
,
United States
Key people
Products Cable
(Internet)
(VoIP Phone)
(Business)
Brands
Parent Altice (2016-2018)
Website www.alticeusa.com

Altice USA, Inc., commonly known as Altice, is an American cable television provider with headquarters in New York City, owned by the Franco-Israeli businessman Patrick Drahi. It delivers pay television, Internet access, telephone services, and original television content to approximately 4.9 million residential and business customers in 21 states. [1]

Contents

As a multiple-systems operator, the company operates the Optimum brand. [2] The company also provides international news through the February 2017 U.S. launch of i24NEWS [3] and local news through News 12 Networks. It formerly operated the Suddenlink brand.

With its combined brands, Altice USA is the fourth-largest cable provider in the U.S., [2] having customers residing in the New York City tri-state area, as well as several midwestern and southern states. [4]

In November 2016, Altice USA announced a five-year plan for fiber-to-the-home to build a network capable of delivering 10 Gbit/s broadband speed. [5] In August 2017, the company stated it was on track to reach one million homes by the end of 2018. [6]

In June 2017, Altice USA raised US$2.2 billion in an initial public stock offering. [7]

Altice USA is based at One Court Square in Long Island City, Queens with its operational center located at Cablevision's former headquarters in Bethpage, New York.

In April 2022, Altice USA announced it would be rebranding Suddenlink under the Optimum name. [8]

Products and services

Other properties

History

On May 20, 2015, Netherlands-based French company Altice NV announced that it would enter the U.S. cable market by purchasing Suddenlink Communications, the country's 7th-largest cable provider, for $9.1 billion. [17] The acquisition closed on December 21, 2015. [18]

On September 17, 2015, Altice NV announced its intention to acquire Cablevision from the Dolan family and other public shareholders for $17.7 billion. The deal was approved by the FCC on May 3, 2016 [19] and after approval from various regional regulators such as New Jersey's Board of Public Utilities and the New York Public Service Commission, closed on June 21, 2016. [20] Under the terms of the deal, Altice paid $34.90 in cash for each share in Cablevision and a 22% premium to the company's stock price; Altice also assumed Cablevision's debt. [21] Prior to this, Altice had already acquired St. Louis-based Suddenlink Communications, and both companies became subsidiaries of Altice USA.

In May 2017, Altice USA announced its intention to rebrand its Suddenlink and Cablevision properties under the Altice name by the end of the second quarter of 2018. [22]

In June 2017, Altice USA went public, raising $2.2 billion in its initial public offering. [7]

On January 8, 2018, Altice NV announced that it will spin-off Altice USA into a separate company. Patrick Drahi will maintain control of both companies, although they will be led by separate management teams. [23]

On April 30, 2019, it was announced Altice USA was buying Cheddar for $200 million in cash. [24]

On February 14, 2020, Altice USA announced that it has bought Service Electric Broadband Cable in New Jersey. [25] [26] The deal closed in July. [27]

On March 1, 2021, Altice USA announced that it would acquire Morris Broadband in North Carolina for $310 million which was later closed on April 6, 2021. Altice later announced that Morris Broadband would be rebranded into the Optimum name. [28] [29]

Markets

The company provides service in 22 states: [30] [31]

Carriage disputes

AMC Networks dispute

Altice engaged in a carriage dispute with the Dolan family (the former owners of Cablevision). Altice's contract to carry AMC Networks group of channels was to expire on December 31, 2016. On December 28 the two sides reached an agreement, three days before their contract with AMC expired. [33]

The Walt Disney Company dispute

Altice engaged in a dispute with The Walt Disney Company; the contract to carry the company's channels was set to expire on October 1, 2017. [34]

On October 1, 2017, Disney and Altice reached a last-minute agreement to continue carrying the company's channels; this narrowly averted what would have been a blackout of ABC-owned stations WABC-TV and WPVI-TV, along with the ESPN family of networks and various other channels. [35] As part of the agreement, ESPN Classic was removed from the Altice lineup.

Starz dispute

On January 1, 2018, Altice dropped Starz, Starz Encore, and all of their channels from its channel lineup. The dispute came after the companies were unable to reach an agreement. [36] The dispute ended on February 13, 2018, after both companies reached a new multi-year agreement. [37]

21st Century Fox dispute

On September 22, 2018, 21st Century Fox announced that all of its entertainment and sports channels, including Fox owned-and-operated station WNYW and MyNetworkTV O&O WWOR-TV, would be removed from Altice on October 1 if a new retransmission agreement was not reached by that date. [38]

See also

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References

  1. ↑ Keslassy, Elsa (2017-06-22). "Cable Operator Altice USA Raises $1.9 Billion in IPO". Variety . Retrieved 2017-09-28.
  2. 1 2 "Altice USA CEO Goei Thinks Ahead to M&A on First Day of Trading". Bloomberg News . 2017-06-21. Retrieved 2017-09-28.
  3. ↑ "Altice Launching News Network i24 in U.S. in February". The Hollywood Reporter . Retrieved 2017-10-01.
  4. ↑ "U.S. FCC approves Altice acquisition of cable firm Suddenlink". Reuters . 2015-12-18. Retrieved 2017-09-28.
  5. ↑ "Altice USA to Skip DOCSIS 3.1, Roll Out All-Fiber Network". NextTV. 30 November 2016. Retrieved 2021-11-06.
  6. ↑ "Altice says it will reach 1M new homes with fiber by end of 2018 | FierceCable". www.fiercecable.com. Retrieved 2017-10-02.
  7. 1 2 "Altice USA IPO raised $2.2 billion in final tally". News Day. June 27, 2017. Retrieved November 2, 2017.
  8. ↑ "Let's Reconnect". Altice USA. 2022-04-14. Retrieved 2022-07-08.
  9. ↑ "One Gigabit Broadband Speeds Now Available to Millions of Optimum Customers Across New York, New Jersey, and Connecticut". Altice USA. 2020-04-30. Retrieved 2020-08-02.
  10. ↑ Farrell, Mike (2019-09-05). "Altice USA Launches Wireless Service". NextTV. Retrieved 2021-11-06.
  11. ↑ "Altice USA Forms Business Unit". NextTV. Retrieved 2021-11-06.
  12. ↑ "About Us: Ethernet Services & Solutions Provider - Lightpath". golightpath.com.
  13. ↑ "Patrick Dolan and Altice USA Enter into Agreement for Newsday Media Group". Businesswire.com. 2016-07-07. Retrieved 2017-11-12.
  14. ↑ "Cablevision". 16 February 2010. Archived from the original on 16 February 2010.
  15. ↑ "Cable giant buys Philly ad targeter Audience Partners". Philadelphia Daily News . 2017-03-08. Retrieved 2017-11-05.
  16. ↑ https://cheddar.com/media/cheddar-news-has-new-owners
  17. ↑ "Altice enters U.S. cable market with Suddenlink move". Reuters . 2015-05-20. Retrieved 2017-11-07.
  18. ↑ "Altice Closes Suddenlink Deal". NextTV. 2015-12-21. Retrieved 2021-11-06.
  19. ↑ "Altice and Cablevision, WC Docket 15-257". Federal Communications Commission. 2015-12-04. Retrieved 2016-06-22.
  20. ↑ "Altice Completes Acquisition of Cablevision Systems Corporation" (PDF). Altice NV. June 21, 2016.
  21. ↑ Emily Steel; Mark Scott (September 17, 2015). "Expanding in U.S., Altice Plans to Buy Cablevision for $17.7 Billion". The New York Times . Retrieved September 17, 2015.
  22. ↑ "Suddenlink and Optimum brands to disappear amid Altice rebrand". Fierce Cable. May 24, 2017. Retrieved 2017-10-10.
  23. ↑ Rosemain, Mathieu; Athavaley, Anjali (8 January 2018). "Drahi hits Altice reset button to court wary investors". Reuters . Retrieved 11 January 2018.
  24. ↑ "Altice USA Buys Digital News Service Cheddar for $200M". The Hollywood Reporter . 30 April 2019.
  25. ↑ Farrell, Mike (February 12, 2020). "Altice to Buy Service Electric New Jersey Systems for $150M". NextTV News. Retrieved November 6, 2021.
  26. ↑ "Service Electric to be acquired by NYC-based Altice cable". Archived from the original on 2020-07-19. Retrieved 2020-07-31.
  27. ↑ "Goodbye Service Electric: Altice USA closes acquisition of utility".
  28. ↑ "Altice USA to Acquire Morris Broadband". Altice USA. March 1, 2021. Retrieved November 12, 2021.
  29. ↑ "Altice USA Completes Acquisition of Morris Broadband". Altice USA. April 6, 2021. Retrieved November 12, 2021.
  30. ↑ Anders, David (April 21, 2022). "Need Home Internet Service? Find the Internet Providers in Your Area". CNET. Red Ventures. Retrieved May 5, 2022.
  31. ↑ Anders, David (April 30, 2022). "Optimum Internet Review: Good When It Wants to Be". CNET. Red Ventures. Retrieved May 5, 2022.
  32. ↑ JSA (February 28, 2022). "Lightpath seeing strong demand for all-fiber connectivity in the region". Media inquiries. www.lightpathfiber.com (Press release). Bethpage, NY: Lightpath Headquarters. Retrieved March 1, 2022.
  33. ↑ "Altice USA, AMC Networks Reach Carriage Deal". NextTV. 29 December 2016. Retrieved 2017-01-01.
  34. ↑ Renshaw, Jarrett (24 September 2017). "Walt Disney threatens to pull ESPN, ABC from Optimum". Reuters . Retrieved 16 November 2020.
  35. ↑ Faber, David [@davidfaber] (October 1, 2017). "Disney and Altice say have reached an agreement in principle and have extended deadline to finalize terms for new carriage deal" (Tweet) – via Twitter.
  36. ↑ "Starz goes dark on Altice in first big carriage battle of 2018 - FierceCable". www.fiercecable.com.
  37. ↑ "ALTICE USA AND STARZ ANNOUNCE MULTI-YEAR CARRIAGE AGREEMENT" (PDF). Altice USA. February 13, 2018. Retrieved June 6, 2023.
  38. ↑ Littleton, Cynthia (September 22, 2018). "Fox Networks Group, Altice USA Rattle Sabers in New York Carriage Fight". Variety . Retrieved September 28, 2018.
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