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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  Altice Europe N.V.    ATC   NL0011333752

ALTICE EUROPE N.V.

(ATC)
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Cablevision's prospective owner talks tough on bloated salaries

09/17/2015 | 05:33pm EST
Traders gather at the post that trades Cablevision on the floor of the New York Stock Exchange

NEW YORK (Reuters) - If you earn more than $300,000 at cable operator Cablevision Systems Corp (>> Cablevision Systems Corporation), watch out - your new boss-in-waiting has his eye on you.

NEW YORK (Reuters) - If you earn more than $300,000 at cable operator Cablevision Systems Corp (>> Cablevision Systems Corporation), watch out - your new boss-in-waiting has his eye on you.

Patrick Drahi, whose European telecoms group Altice (>> ALTICE) has just sealed a deal to buy Cablevision, on Thursday signaled that big changes were coming at the cable company long controlled by the Irish-American Dolan family.

Speaking at a Goldman Sachs conference in New York, Drahi said more than 300 employees at Cablevision earn over $300,000 a year.

"This we will change," the French-Israeli billionaire added.

Drahi, a serial acquirer in the past 22 months, is known for sending in a team of executives after each acquisition to cut costs on everything from software to staff, often sparking rows with suppliers and employees.

Cablevision, which serves the affluent suburbs of New York City, spends $49 a month in operating expenses per customer, compared to $14 a month at Altice's French cable operator Numericable, Altice said in a slide presentation.

At Suddenlink, a smaller St Louis-based cable provider that Altice bought earlier this year, the equivalent monthly cost is $32 and Drahi aims to cut it to $25.

"We believe there is a significant rationalization opportunity there on the cost side," Altice Chief Executive Dexter Goei said on a conference call, pointing to steps like simplifying billing, making truck outings more efficient and modernizing its network.

Overall, Altice is aiming for $900 million in annual cost cuts at Cablevision, a target analysts called ambitious.

"These cost savings imply a nearly 47 percent margin profile, superior to any U.S. cable operator, even those with materially higher scale and more benign competitive environments," analysts at Jefferies said in a research note.

While Drahi may have a free hand cutting fat when it comes to managers at Cablevision, he may face a tougher ride with its rank and file workers, some of whom have been in a long-running fight with the Dolans over their right to form a union.

In France a mediator was appointed to arbitrate between Numericable-SFR and its suppliers after the operator demanded a 20-40 percent cut in prices on contracts.

(Reporting by Malathi Nayak; Additional reporting by Leila Abboud and Peter Henderson; Writing by Christian Plumb; Editing by Tiffany Wu)

By Malathi Nayak

Stocks treated in this article : Cablevision Systems Corporation, ALTICE

© Reuters 2015
Stocks mentioned in the article
ChangeLast1st jan.
AIMING INC. 0.98% 413 End-of-day quote.-1.20%
ALTICE EUROPE N.V. 0.04% 5.336 Real-time Quote.0.11%
CABLEVISION SYSTEMS CORPORATION 0.00%End-of-day quote.0.00%
ONE STOP SYSTEMS, INC. 0.20% 4.96 Delayed Quote.23.75%
TEAM, INC. -3.04% 11.47 Delayed Quote.8.53%
THE GOLDMAN SACHS GROUP, INC. -1.82% 302.41 Delayed Quote.14.88%
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2020ALTICE EUROPE N.V. ANNOUNCES CLOSING : 30 am CET
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More news
Financials
Sales 2020 14 984 M 18 162 M 18 162 M
Net income 2020 -203 M -246 M -246 M
Net Debt 2020 31 405 M 38 066 M 38 066 M
P/E ratio 2020 -45,7x
Yield 2020 -
Capitalization 6 488 M 7 881 M 7 864 M
EV / Sales 2020 2,53x
EV / Sales 2021 2,41x
Nbr of Employees 45 409
Free-Float 46,0%
Chart ALTICE EUROPE N.V.
Duration : Period :
Altice Europe N.V. Technical Analysis Chart | ATC | NL0011333752 | MarketScreener
Technical analysis trends ALTICE EUROPE N.V.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 14
Average target price 4,82 €
Last Close Price 5,33 €
Spread / Highest target 82,8%
Spread / Average Target -9,65%
Spread / Lowest Target -25,0%
EPS Revisions
Managers and Directors
NameTitle
Alain Phillippe Romain Weill Chief Executive Officer & Executive Director
Patrick Drahi President & Executive Director
Jurgen van Breukelen Chairman
Armando Pereira Chief Operating Officer
Malo Pascal Jean-Pierre Corbin Chief Financial Officer
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