Altice to Spin Off U.S. Unit as Drahi Pursues Turnaround Plan

Altice NV, the debt-laden European cable carrier, will spin off its U.S. unit to shareholders, creating a completely separate public company that will remain under the control of billionaire Patrick Drahi.

Altice’s 67 percent stake in Altice USA Inc. will be distributed to shareholders by the end of the second quarter, the companies said Jan. 8 in a statement. Drahi’s holding company will have at least 51 percent of the voting power of the U.S. company after the transaction.

The split lets Altice USA continue on its expansion path unfettered by its parent company’s struggles in Europe, where Drahi is ...