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FCC approves Altice's acquisition of Cablevision

The FCC hasapproved -basedAltice NV's proposed of

Granting theparties' applications serves the public interest, the FCC said in a May 3 memorandum.The Commission added that the deal is "unlikely to result in any significantpublic interest harms" and could provide benefits of increased broadband speedsand more affordable options for low-income consumers.

On April 20,the Executive Branch Agencies, comprising the U.S. Department of Justice, the U.S.Department of Homeland Security and the U.S. Department of Defense, told the FCCthat they have no objection to the proposed merger.

The transactionis still awaiting approvalfrom the state of New York and New York City, Reuters reported the same day.

Altice reportedlywelcomed the FCC's approval of the transaction and said the deal is on track toclose in the second quarter.

On Sept. 17,2015, Altice struck adeal to acquire Cablevision in a transaction representing an enterprise value of$17.7 billion.