Altice and the founders of Cablevision have struck a new deal for the ownership and management of the Newsday Media Group.
Altice acquired NMG, which publishes the US newspaper Newsday, as part of its $17.7 billion purchase of Cablevision, which completed last month.
An entity led by Patrick Dolan, son of Cablevision founder Charles Dolan, has acquired 75 percent of NMG with Altice maintaining a 25 percent stake.
Patrick Dolan becomes President as well as majority owner of NMG, with his father taking “a small financial interest” and a seat on the board.
Altice acquired Cablevision in order to merge it with Suddenlink, another US cableco it has taken over.
As part of a restructure announced last month, Altice has given former group CEO Dexter Goei the job of running its operations in the US.
One of his first jobs has been to announce the NMG deal and confirm that Altice USA's Optimum Online customers will continue to receive access to Newsday.com and the Newsday mobile apps.
Goei said: “We have enormous respect for the Dolans and their unwavering passion and dedication to journalistic excellence.
“We are thrilled to be their partner as we drive the continued development of Newsday Media Group to the benefit of our customers and the local communities that we serve.”
In addition to Newsday, NMG owns New York freesheet amNewYork, Newsday Connect, a digital solutions company for enterprises, and weekly shopper business Newsday Local Publishing.
Patrick Dolan said: “My father and I, together with our Altice partners, are deeply committed to preserving the state-of-the-art journalism that Newsday has consistently provided and that has served Long Islanders so well.
His father Charles added: "We deeply appreciate the partnership with Altice as we come together to strengthen the power of Newsday Media Group.
“This arrangement opens the door to greater opportunities to connect readers to what matters to them.”