Jan 9, 2018

Altice is spinning off its U.S. business


Photo: Andrew Regam / Getty Images

Europe's Altice NV said Tuesday that it will spin-off its U.S. unit, which owns both Cablevision and Suddenlink.

Why it matters: Because Altice USA went public last summer, largely to give it a public currency to make acquisitions. But those ambitions have been slowed by its parent company's balance sheet brambles, and today's move could finally clear its path.

More deal details: Prior to the divestiture, Altice USA will pay a $1.5 billion dividend to its (about to be former) parent company. The actual spin is expected to close by ther end of Q2, with Altice NV distributing its 67% stake in Altice USA to Altice USA shareholders.

Bottom line: "The split lets Altice USA continue on its expansion path unfettered by its parent company’s struggles in Europe, where [founder Patrick] Drahi is seeking to appease investors worried about group debt that tops $50 billion. The billionaire has indicated he’d like to participate in consolidation in the U.S. pay-TV market and perhaps enter the wireless business there." — Bloomberg

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U.S. coronavirus updates: Death toll passes 9,600

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

Recorded deaths from the novel coronavirus surpassed 9,600 in the U.S. Sunday night, per Johns Hopkins data. The death toll in the U.S. has risen over 1,000 every day since April 1.

Why it matters: U.S. Surgeon General Jerome Adams said on Sunday this upcoming week will be "the hardest and saddest week of most Americans' lives" — calling it our "our Pearl Harbor, our 9/11 moment."

Go deeperArrowUpdated 12 mins ago - Health

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10:30 p.m. ET: 1,273,990 — Total deaths: 69,444 — Total recoveries: 260,247Map.
  2. U.S.: Total confirmed cases as of 10:30 p.m. ET: 337,310 — Total deaths: 9,634 — Total recoveries: 17,461Map.
  3. Federal government latest: Surgeon general says this week will be "our Pearl Harbor, our 9/11 moment." The USDA confirms that a Bronx zoo tiger tested positive for coronavirus.
  4. 2020 latest: "We have no contingency plan," Trump said on the 2020 Republican National Convention. Biden says DNC may have to hold virtual convention.
  5. States updates: New York Gov. Andrew Cuomo said the state is "literally going day-to-day" with supplies.
  6. World update: Queen Elizabeth II urges the British people to confront pandemic with "self-discipline" and "resolve" in rare televised address.
  7. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Intelligence community watchdog suggests Trump fired him for doing his job

Michael Atkinson, Inspector General of the Intelligence Community,at the Capitol in October. Photo: Win McNamee/Getty Images

Intelligence Community Inspector General Michael Atkinson suggested in a statement Sunday President Trump fired him for acting impartially in carrying out his duties following a whistleblower complaint.

Why it matters: Atkinson alerted Congress last September to the complaint on Trump's correspondence with Ukraine's president, triggering an inquiry that resulted in the Trump's impeachment.

Go deeperArrowUpdated 1 hour ago - Politics & Policy