NEW YORK (TheStreet) -- Cablevision Systems (CVC) stock is rising 1.66% to $34.39 on heavy trading volume on Wednesday morning after the cable provider received approval from the Federal Communications Commission to be acquired by Altice (ATCEY), a European telecommunications company.
The FCC approved the $17.7 billion transaction because it was in the "public interest" as Altice plans to upgrade Cablevision's broadband service, Reuters reports.
The deal, which is expected to close in the 2016 second quarter, is still pending approval from New York State and New York City.
Additionally, Bethpage, NY-based Cablevision will report its 2016 first quarter financial results on Thursday before the market open.
Analysts have estimated earnings of 19 cents per share for the latest quarter, down from 20 cents per share for the same quarter last year.
Revenue is expected to increase to $1.64 billion for the quarter, compared with $1.61 billion for the 2015 first quarter.
So far today, 3.28 million shares of Cablevision have been traded, compared with its average trading volume of 2.54 million shares.
Separately, Cablevision has a "hold" rating and a letter grade of C at Thestreet Ratings because of the company's deteriorating net income, weak operating cash flow and feeble earnings per share growth.
You can view the full analysis from the report here: CVC
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.