Cablevision will reportedly be acquired by European telco giant Altice for $17.7B

Cablevision will sell itself to the European telecom giant Altice for about $17.7 billion.

The deal could be announced as soon as Thursday, says a Wednesday evening report from the New York Times, citing unnamed sources.

Altice and its French billionaire front-man Patrick Drahi has said it wants to establish a beachhead in the U.S. It acquired Suddenlink Communications in May for $9.1 billion.

The deal is the latest in a string of communications provider acquisitions that is reducing the number of companies selling video and broadband services.

In May, America’s fourth largest cable provider, Charter Communications, announced it would buy the country’s second largest cable provider, Time Warner Cable, in a deal valued at $56.7 billion in cash and stock.

Altice also briefly reportedly considered putting in a bid for Time Warner Cable.

AT&T announced its intention to acquire DirecTV back in May 2014, and the FCC approved the deal, with conditions, in July.

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