Cablevision copters on Altice no-fly list
The sky over Cablevision’s Long Island headquarters may soon grow a little quieter.
The cable company’s soon-to-take-control owners plan on grounding the fleet of four Cablevision Sikorsky helicopters in a budget-cutting move, The Post has learned.
Also expected to go in a matter of weeks are most of Cablevision’s top 10 executives, according to sources close to the situation.
The incoming owner, Netherlands-based Altice NV, is expected to make the moves when it closes the deal after getting final regulatory approval.
Altice is identifying executives it wants to retain and saying goodbye to staff members it won’t need, sources said.
Top executives are all leaving with nice change-of-control checks, thanks to their contracts, after Altice agreed to pay $17.7 billion for the Bethpage, NY, company controlled by the Dolan family.
Altice founder Patrick Drahi, who has French citizenship, told Cablevision staff when the deal was first announced last year that he would seek to cut executives earning more than $300,000.
“I do not like to pay salaries. I pay as little as I can,” Drahi said at a meeting last year.
Among those expected to depart are Chief Executive James Dolan, General Counsel David Ellen and vice chairmen Hank Ratner and Gregg Seibert, although Seibert will remain vice chair of MSG and AMC Networks.
Altice is still discussing a possible role for James Dolan’s wife, Kristin, the chief operating office, sources said. Altice may create a data-focused joint venture with her, although nothing is concluded, sources added.
Altice and Cablevision declined comment. Altice reports results on May 11.
Altice said it is looking for some $900 million in synergies between Cablevision and Suddenlink, the St. Louis-based cable outfit it acquired at the end of 2015.
Altice, which is known for slimming down companies and has stated aims to spend on improving customer experiences, is eyeing ways to reduce its programming budget — possibly, sources said, by looking to pry smaller channel packages from suppliers.