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European Telecom Takes Over Cablevision, Looking To Slash Costs

Patrick Drahi is leading big cost-cutting measures at Cablevison Systems.
Patrick Drahi is leading big cost-cutting measures at Cablevison Systems. Photo Credit: Ecole polytechnique Université Paris-Saclay, via Wikimedia Commons

The European telecommunications company Altice NV has now acquired Cablevision for over $17 billion, six months after its $9 billion purchase of Suddenlink, and it plans on continuing its serious cost-cutting in the New York market, as well, the Wall Street Journal has reported.

Altice has aggressive cost-cutting plans, including finding $900 million in cost savings from Cablevision, and programming is one major thing being eyed.

"We have about half of our programming lineup that's up for renewal very soon," said Altice USA Chief Executive Dexter Goei, according to the Journal. "There are clearly a lot of channels that we’d like to get rid of."

But another tactic is having employees carefully consider costs before asking. The Wall Street Journal recounted the anecdote of Suddenlink employees who faced far more questions than anticipated when they sought money to repair a broken ice machine. An investment committee takes a hard look at expenses in lengthy meetings.

Executives with the company have been clear about the goal -- edging toward the top of cable in the U.S. "This has been our life: every year we are a bigger group," said Patrick Drahi, founder and controlling shareholder of Altice, as the Journal reported. "For us, everything is possible."

Read the full Wall Street Journal article here.

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