The article discusses the struggles faced by Altice, the parent company of Optimum, and its impact on New York sports fans, particularly those of the Knicks and Rangers. Telecom mogul Patrick Drahi, who purchased Cablevision in 2015, is facing various scandals and financial difficulties, leading to a significant drop in his net worth from $22 billion to $7 billion. The company has lost 92% of its stock value over five years, blamed on increased competition and the rise of streaming services.
A contract dispute between Altice and Dolan’s regional sports network has resulted in around 1 million local fans being unable to watch their teams. Analysts suggest Altice is trying to restructure and sell assets to avoid default. The company’s past aggressive expansion tactics are reversing, and while Drahi claims there are no structural issues, the reality suggests both financial struggles and governance concerns. The article highlights the complex relationship between the telecommunications industry and its effects on local sports engagement.
Source link
