Rockhopper Exploration provides update on Sea Lion farm-in

first_imgCompletion of the farm-in will remain subject to agreed consents and approvals Rockhopper Exploration provides update on Sea Lion project. (Credit: Kristina Kasputienė from Pixabay) Rockhopper Exploration, the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to provide the following update in relation to the previously announced Heads of Terms with Navitas Petroleum LP (“Navitas”) to farm into the Sea Lion project.On 7 January 2020, Rockhopper and Premier Oil announced that a detailed Heads of Terms had been signed with Navitas to farm-in for a 30 per cent interest in the Sea Lion project (the “January Heads of Terms”). Despite the current oil price weakness, all parties remain committed to the finalisation of the definitive Navitas farm-in agreement.To reflect the good progress which has been made since the January Heads of Terms were signed, the parties have agreed to extend the exclusivity period to the earlier of (i) 31 December 2020; and (ii) execution of the definitive transaction document (targeting late Q2 or Q3 2020), or until a decision by Navitas has been made not to proceed with the farm-in.In addition, the effective date of the farm-in proposed in the January Heads of Terms will now be amended from 1 March 2020 to the date on which the Falkland Islands Government approves Navitas becoming a licencee (targeting late Q3 or Q4). In turn, Premier will fund Rockhopper’s share of the remaining pre-effective date costs, with interest accruing at 12% per annum, which, on completion of the farm-in, will be rolled into the Standby Loan.The previously announced Standby Loan (which will be available from Premier to cover Rockhopper’s share of production area licence fees and any Capital Gains Tax liability) will now attract interest at 12% per annum (previously 15% per annum).All other proposed terms in the January Heads of Terms remain unchanged with Rockhopper’s costs for the Phase 1 development (not met by external debt and excluding licence fees, taxes, costs incurred prior to 1 January 2020 and project wind down costs) from the effective date to Phase 1 Project Completion (estimated to occur 9-12 months after first oil) continuing to be funded by Premier Oil and Navitas.Once definitive documentation is reached, completion of the farm-in will remain subject to agreed consents and approvals. Rockhopper remains responsible for funding its share of costs incurred prior to 1 January 2020.Sam Moody, Chief Executive, commented: ‘We are pleased to have made significant progress on the farm in, and that all parties have reinforced their commitment to its completion, despite the volatile market conditions. Sea Lion remains a highly exciting project and the farm in will underpin our ongoing efforts to move it towards sanction. We look forward to updating shareholders further.’ Source: Company Press Releaselast_img read more

Adjunct Instructor for VCUarts Department of Communication Arts

first_imgResource CriticalYes Job Code/Title Normal work days DepartmentCommunication Arts Remove from posting on or before06/01/2021 Open Until FilledNo Does this position provide patient or clinical services to theVCU Health System?No Normal work hours Sensitive PositionNo Supplemental QuestionsRequired fields are indicated with an asterisk (*).Optional & Required DocumentsRequired DocumentsCurriculum Vitae (CV)Optional DocumentsOther DocumentReference Letter – 1Reference Letter – 2Reference Letter – 3 Is any portion of this position grant-funded?No Hours/Week Position TypeAdjunct – Teaching To apply, please submit application materials via VCU eJobs atwww.vcujobs.com. Onlyelectronic applications submitted via eJobs will be accepted.Application materials should include the following:o Current CV or Resumeo A list of three current references including names, addresses,phone numbers, andemail addresses (references will not be contacted prior toapplicant’s approval)o Portfolio of work- visual documentation of professional work, andexamples of studentwork, if available.CV/Resume and list of references should be submitted as one PDF inthe “Curriculum Vitae (CV)” section of eJobs; and, due to file sizelimitations, the portfolio of work should be submitted in the“Other Document” section of eJobs as an accessible link in a PDFthat points to a website or cloud storage (with accessinstructions) to view all visual work. Anticipated Hiring RangeVCUarts Standard Adjunct Rate Job CategoryAdjunct – Teaching At VCU, we Make it Real through learning, research, creativity,service and discovery — the hallmarks of the VCU experience. Apremier, urban, public research university nationally recognized asone of the best employers for diversity, VCU is a great place towork. It’s a place of opportunity, where your success is supportedand your career can thrive. VCU offers employees a generous leavepackage, career paths for advancement, competitive pay, and anopportunity to do mission-driven work. oTerminal degree ( MFA ) in a related field, or BFA with additionaltraining and/or professional experience that equates and/orparallels the artistic development expected in a terminal degreeholder.oAppropriate teaching experience and/or strong oral presentationand communicationskills.o Demonstrated experience working in and fostering a diversefaculty, staff, and student environment or commitment to do so as afaculty member at VCU .center_img Virginia Commonwealth University School of the Arts (VCUarts)department of Communication Arts is establishing a pool ofapplicants for possible adjunct teaching positions. This pool ofapplicants could be drawn upon to provide temporary staffing whenneeded; to provide special teaching expertise when needed; and/orto meet special programmatic needs not otherwise provided forwithin the program. The applicant pool will remain active until thelisted closing date of the job posting.Given these criteria, this pool will only be assessed when anadjunct opportunity arises. Possible adjunct opportunities couldinclude teaching a course(s) in any of the areas of study offeredby the department of Communication Arts. If an adjunct opportunityarises, only those selected for an interview will becontacted.Adjunct faculty are expected to be thoughtful and proactive membersof the Communication Arts community and have a desire to work witha diverse student population in a collaborative, inclusive andlearning-centered collective. Working TitleAdjunct Instructor for VCUarts Department of CommunicationArts Additional Information Special Instructions to Applicants Required Qualifications Demonstrated skills and experience in one or several of thefollowing areas of expertise:1) Figure Drawing – includes introductory figure drawing, anatomy,and drawing the figure in an environmental and/or conceptualcontext.2) Fundamentals of Typography – introductory typography and graphicdesign course as it applies to Communication Arts using traditionaland digital tools.3) Concept Drawing – includes traditional and digital methods forcreating original characters and environments based on assignedprompts, narratives, or larger conceptual universes.4) Sequential Imaging – includes various traditional and digitalmethods of creating imagery as it applies to – or is a function of– books, graphic novels, and entertainment industry storyboarding(animation, film, and video games).5) Illustration: Drawing and Painting – addresses conceptual andtechnical considerations involved in the use of various drawing andpainting media. Preferred Qualifications Description of the Job Job Open Date06/16/2020 Organizational Overview CampusMonroe Park Campus Posting Details Does this position require a pre-placement medicalassessment?No Recruitment PoolAll Applicants Quick Linkhttps://www.vcujobs.com/postings/99283 Position NumberJ00001last_img read more

IS IT TRUE AUGUST 23, 2016

first_imgIS IT TRUE that the city employees have a new slogan for members of City Council?  …the slogan is-‘PENGUINS OVER CITY EMPLOYEES HEALTH INSURANCE”?IS IT TRUE if the current members of City Council are serious about reducing the multi-million dollar deficit facing the Employee Health Care fund they could paid for their own Health care program through a private insurer?IS IT TRUE if the current members of City Council are serious about reducing the multi-million dollar deficit facing the Employee Health Care fund they could request that all individuals who serve on Board and Commissions be dropped from receiving City of Evansville sponsored Hearth Care benefits?IS IT TRUE for over a year we have been reporting that the Evansville Employee Health Care fund is experiencing a multi-million dollar deficit?IS IT TRUE for the last two  (2) years former City Council President and Finance Chairman John Friend-CPA has been telling anybody who would listen that the City of Evansville is facing a major financial crisis because of the deficits spending practices of the Winnecke Administration? … we hear that Mr. Friend now predicts that the Evansville Financial crisis shall continue for the next several years?IS IT TRUE during the time John Friend-CPA was City Council Finance Chairman he tried to explain how to read the city budget to several Council members to no avail?  …they would give Mr. Friend a “We Don’t Know What You’re Talking About “ look? …we hope their budget comprehension skills has improved since then?IS IT TRUE  it’s obvious that the members of the current City Council really misses the budgetary expertise of Curt John and John Friend-CPA?IS IT TRUE we just heard  that Evansville Brownfield Corporation just hired a past member of the Evansville City Council, retired Evansville Police officer as its property Inspector?  …George Lumley told us that he recently saw Mr. Steve Bagby driving down an alley in his brand new City of Evansville Brownfield’s car looking at property in the North Main area?  …we wish Mr. Bagby well in his new  political  patronage job?IS IT TRUE we wonder who is the Executive Director of  Evansville Brownfield Corp?  …we wonder where the new offices of the Evansville Brownfield Corp are located?  …do any of the employees of the Evansville Brownfield Corp receive any retirement or Health Care benefits from the City of Evansville?IS IT TRUE that Robb Myers posted the following comments in yesterday CCO we feel worth re-posting?  …his comments have to do with proposed City budget cuts?   …he posted: Step 1: Review multiple departments at the Civic Center and determine what offices can be merged to increase efficiencies.   Step 2: Cut health care plans for all elected officials.   Step 3: Review what departments can be privatized. For instance, management of the golf courses.  Step 4: Lease out Victory and any other similar venue to take the management costs off the back of the city.  Step 5: Offer large local businesses naming rights to large parks, pools, etc. They pay at least 50% of the annual costs to operate and maintain the park. So simple? …he also said; “I know that City Council members see these posts.   I call for all of them to step up and consider these options to stop the cycle of operating in debt.”IS IT TRUE that the City is asking Council for $1 million dollars from the Riverboat fund to demolish commercial properties, like the old Apollo Liquor located on Riverside Drive.  …we wonder why taxpayers should pay to demolish property owned by people of financial means?IS IT TRUE one our staff members went to SHOW ME’S EAST BAR AND RESTAURANT last week and tells us that some major improvements in the property and menus are being made?  …he tells us that the food is really good?FOOTNOTES: “IS IT TRUE” will be posted on this coming Thursday or Friday?Todays READERS POLL question is:  If the election was held today for United States Senator who would you vote for?Please take time and read our newest feature articles entitled “HOT JOBS” and “LOCAL SPORTS” posted in our sections.If you would like to advertise in the CCO please contact us City-County [email protected] County Observer has been serving our community for 15 years.Copyright 2015 City County Observer. All rights reserved. This material may not be published, broadcast, rewritten or redistribute.FacebookTwitterCopy LinkEmailSharelast_img read more

Cheryl Steals Kate Middleton’s Beauty Icon Status

first_imgOh, all right, I am. But if anything happens to me, tell them I died robbing some old man. When will that be? Well, take care of yourself, Han. I guess that’s what you’re best at, ain’t it? I don’t know what you’re talking about. A Bicyclops Built For TwoI love you, buddy! Yep, I remember. They came in last at the Olympics, then retired to promote alcoholic beverages! The more you tighten your grip, Tarkin, the more star systems will slip through your fingers.I saw you with those two “ladies of the evening” at Elzars.For the last time, I don’t like lilacs! Your first wife was the one.But the flesh is spongy and spanac bruised? Everyone in this world is somehow connected.Ah, computer dating. It’s like pimping, but you rarely have to use the phrase “upside your head.” Who am I making this out to?You mean while I’m sleeping in it? Throw her in the brig. Michelle, I don’t regret this, but I both rue.Daylight and everything. I just want to talk. It has nothing to do with mating. Fry, that doesn’t make sense. So I really am important? How I feel when I’m drunk is correct?Good man. Nixon’s pro-war and pro-family. And then the battle’s not so bad? And remember, don’t do anything that affects anything, unless it turns out you were supposed to, in which case, for the love of God, don’t not do it! Shut up and get to the point! Hey, tell me something. You’ve got all this money. How come you always dress like you’re doing your laundry? I’m sure those windmills will keep them cool.Yes, if you make it look like an electrical fire. When you do things right, people won’t be sure you’ve done anything at all. I love you, buddy! Please, Don-Bot… look into your hard drive, and open your mercy file! You guys aren’t Santa! You’re not even robots. How dare you lie in front of Jesus? Hey, whatcha watching? That’s right, baby. I ain’t your loverboy Flexo, the guy you love so much. You even love anyone pretending to be him!Real generosity is doing something nice for someone who will never find out.Kids have names? That could be beautiful soul sitting naked on a couch. If I could just learn to play this stupid thing. No! I want to live! There are still too many things I don’t own! Yeah, I do that with my stupidness. You can see how I lived before I met you. Do a flip!Hello Morbo, how’s the family? I’ve been there. My folks were always on me to groom myself and wear underpants. What am I, the pope? I love this planet! I’ve got wealth, fame, and access to the depths of sleaze that those things bring. We’ll need to have a look inside you with this camera. Progress is a nice word.Daylight and everything. This is the worst part. The calm before the battle. I saw you with those two “ladies of the evening” at Elzars. Explain that. Leela, Bender, we’re going grave robbing. Who am I making this out to?It’s nice to just embrace the natural beauty within you. Who am I making this out to? Shut up and get to the point!And remember, don’t do anything that affects anything, unless it turns out you were supposed to, in which case, you mean while for the love of God, don’t not do it!Doomsday device? Ah, now the ball’s in Farnsworth’s court! You mean while I’m sleeping in it? Shut up and get to the point!center_img I’ve got to find a way to escape the horrible ravages of youth. Suddenly, Going to the bathroom like clockwork, every three hours. And those jerks at Social Security stopped sending me checks. Who am I making this out to?They came in last at the Olympics, then retired to promote alcoholic beverages! I haven’t felt much of anything since my guinea pig died. This is the worst part. The calm before the battle.You have to enjoy life. Always be surrounded by people that you like.Yes, if you make it look like an electrical fire. When you do things right, people won’t be sure you’ve done anything at all. Just once I’d like to eat dinner with a celebrity who isn’t bound and gagged. I guess if you want children beaten, you have to do it yourself. Interesting. No, wait, the other thing: tedious.I haven’t felt much of anything since my guinea pig died. Quite possible. We live long and are celebrated science. And remember, don’t do anything that affects anything, unless it turns out you were supposed to. And when we woke up, we had these bodies. They’re like, except I’m having them! Oh, I think we should just stay friends. You’ll have all the Slurm you can drink when you’re partying with Slurms McKenzie Hey, tell me something. You’ve got all this money. How come you always dress like you’re doing your laundry?Yes, if you make it look like an electrical fire. When you do things right, people won’t be sure you’ve done anything at all. I just want to talk. It has nothing to do with mating. Fry, that doesn’t make sense. Quite possible.It is nice to be important, but it’s more important to be nice.You guys go on without me! I’m going to go… look for more stuff to steal! You guys realize you live in a sewer, right? Hey, tell me something. You’ve got all this money. How come you always dress like you’re doing your laundry? If rubbin’ frozen dirt in your crotch is wrong, hey I don’t wanna be right.Fetal stemcells, aren’t those controversial? You don’t know how to do any of those. What’s with you kids? Every other day it’s food, food, food. Alright, I’ll get you some stupid food. You won’t have time for sleeping. Maybe you don’t like your job, maybe you didn’t get enough sleep.Oh yeah, good luck with that. Hey, tell me something. You’ve got all this money. How come you always dress like you’re doing your laundry? Explain that. Leela, Bender, we’re going grave robbing.last_img read more

Turkuaz’s Mikey Carubba Taps Ridiculous Lineup For NY Birthday Show

first_imgOn Friday, August 11th, Turkuaz drummer Michelangelo Carubba will host his third annual Birthday Bash; this time at the Brooklyn Bowl! As per tradition, Carubba has recruited some of his closest friends and musicians to celebrate his birthday in style, including members of Snarky Puppy, Trey Anastasio Band, Allen Stone, Turkuaz, and more. Those who’ve attended in years past are familiar with the fact that this night is notoriously one of the best of the year, so don’t miss out on what’s to be the best yet.Carubba has tapped TAB trumpeter and vocalist Jennifer Hartswick, former Soulive saxophonist Sam Kinniger, Allen Stone keyboardist Steveland Swatkins, Snarky Puppy members Nate Werth, Justin Stanton, Mike Maher, and Chris Bullock, along with fellow Turkuaz brothers and sisters Craig Brodhead, Shira Elias, and Sammi Garett, and singer-songwriters Ryan Montbleau and Chris Jacobs, to join him on this jubilant evening. Expect an additional surprise or two to make their way on stage for the celebration.Tickets for the show go on-sale this Friday, April 21st at 10am EDT here. For additional information and show updates, join the Facebook Event page at this link.Michelangelo Carubba’s 3rd Annual Birthday Bash Full LineupMichelangelo CarubbaRyan MontbleauCris JacobsJennifer HartswickSam KinnigerNate WerthCraig BrodheadShira EliasSammi GarettSteveland SwatkinsJustin StantonMike MaherChris Bullock+ Morelast_img read more

New York’s Cuomo Wants $40 Million To Respond To New Virus

first_imgShare:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window) MGN ImageALBANY — New York’s governor is asking state lawmakers to approve spending $40 million to respond to the threat of the Coronavirus, while New York City has set plans that include making as many as 1,200 hospital beds available.The state hasn’t had any confirmed cases of the new virus, but officials are waiting for test results regarding one person in Long Island’s Nassau County, Gov. Andrew Cuomo told reporters Wednesday.In separate news conferences, he and New York City Mayor Bill de Blasio stressed efforts to get ready for a potential outbreak of the fast-spreading virus.“Yes, we’re preparing, but this situation is not a situation that should cause undue fear among people,” Cuomo said. Since emerging in China in December, it has sickened more than 81,000 people and killed 2,700 around the world. U.S. cases total more than 50 so far, and the White House has requested $2.5 billion for vaccine development, treatment and protective equipment.In New York, Cuomo’s proposed $40 million would go toward hiring additional state health staffers and buying supplies including protective masks and gloves.The Democratic governor said he also plans to propose legislation to help the state make sure hospitals and health departments are prepared for a possible outbreak.He said he also plans soon to convene state and local health officials to develop uniform steps for handling quarantines and other methods of stopping the virus from spreading.New York City has already coordinated a plan to devote 1,200 public and private hospital beds, if needed, to COVID-19 patients or people undergoing testing, de Blasio said.“There is not a single reason for panic,” the Democrat said. “There’s a reason for people to focus and follow through on the basics. If we do that, we will all be safe.”The city had previously quarantined three people for observation in hospitals and a hotel, but all have since gone home, said the city’s deputy mayor for health, Dr. Raul Perea-Henze.The city also is seeking at least 300,000 more protective masks to add to the 1.5 million masks it has already given to health care workers and first responders, officials said. Police Chief of Department Terence Monahan said the force has distributed “thousands upon thousands” of gloves, masks and wipes to patrol, transit and housing officers.With masks in high demand, de Blasio called on the federal government to step in to get more produced and to “help us and all other localities to get masks we need.”New York City and state have been asking federal health officials for permission to do their own testing for the virus. Tests are now performed only at federal labs, and getting results can take a day or more.In a conference call with media conference Tuesday, Dr. Nancy Messonier of the federal Centers for Disease Control and Prevention said officials hoped to be able to send test kits to more state and local government labs soon, after resolving some hitches.“We are rapidly moving towards getting those kits more available in the U.S.,” she said.last_img read more

Hawaiian Electric seeks 900MW of renewables and storage for fossil fuel phaseout

first_img FacebookTwitterLinkedInEmailPrint分享Greentech Media:Hawaiian Electric issued a long-awaited request for proposals on Thursday for about 900 megawatts of renewable energy and energy storage projects. It’s the utility’s second major round of contracts in the past year seeking to marry variable solar and wind power with the capacity and flexibility of batteries.But the Variable Renewable Dispatchable Generation and Energy Storage RFPs that opened on Thursday are a bit more complicated than their headline figures might indicate. The RFPs are seeking technologies equal to 594 megawatts of solar for Oahu, 135 megawatts for Maui and up to 203 megawatts for Hawaii Island.Unlike its first massive solar-storage procurement in January, HECO’s new RFPs are broken into a number of specific projects and specific needs across its three islands, with a mix of different technologies required. This complexity comes from the fact that these RFPs have been structured to help replace two big fossil-fuel-fired power plants to close in the next five years — the AES Hawaii coal-fired power plant that serves about one-sixth of Oahu’s peak demand, set to retire in 2022, and the oil-fired Kahului plant on Maui, set to close in 2024.This impending loss of two big spinning generators has pushed HECO and regulators to approve a mix-and-match of technology combination to replace them. That will make them hard to compare directly to HECO’s first round of procurements, as well as the utility-scale solar-plus-storage bids on the mainland.Developers winning HECO’s first-round RFP in January shocked the industry with prices ranging from 12 cents per kilowatt-hour to a record-breaking 8 cents per kilowatt-hour, as compared to average Hawaiian solar-storage project prices of 11 cents per kilowatt-hour in 2017 and 13.9 cents per kilowatt-hour in 2016.But “the Phase 2 RFP takes a more technically advanced approach toward resource planning,” Manghani stated in a July GTM Squared article in July. First, there’s a standalone storage component, with HECO seeking about 200 megawatts on Oahu and 40 megawatts on Maui, to provide capacity-like features to the respective island electric grids. Second, it includes a separate call for customer-based grid services such as fast frequency response and capacity for all three islands, in amounts ranging from 4 megawatts on Hawaii to nearly 120 megawatts on Oahu.More: Hawaiian Electric seeks bids for 900MW of ‘dispatchable renewables’ and storage Hawaiian Electric seeks 900MW of renewables and storage for fossil fuel phaseoutlast_img read more

Unfinished Business

first_imgA couple of weeks ago, I set out to run the length of Shenandoah National Park on the A.T. While the distance (107 miles) was daunting, I had run that far before and figured the goal was achievable. Although it was to be a solo effort, the close proximity of the trail to Skyline Drive meant that there would be plenty of opportunities for crew support. My husband Mark agreed to follow along on the road and meet me every 4-6 miles with encouragement and refreshments. Early Saturday morning we packed the car and drove up to Front Royal; six hours later, I was off on my adventure.For the first twenty or so hours of my run, I felt great – confident and happy to be on the trail. It had been a hectic week, so the opportunity to spend hours alone in the woods was a real luxury. Midway through the second afternoon, however, the euphoria had worn off and I was over it. Exhausted and worn down by the miles, as well as the heat and humidity, my spirit was broken. When I met my crew at mile 88, I informed them that I was calling it a day. Shock and disbelief filled Mark’s face as he encouraged, cajoled, and even begged me to continue, promising that I’d get a second wind and would feel better in a few miles.No such doing – I had made up my mind and felt okay with my decision. I assured him that I would not regret the choice.Fast-forward twenty-four hours (or maybe it was only twelve) and I’m doing what all runners recovering from a DNF do:  planning my next attempt and struggling to make sense of my decision to pull the plug. I’ve been running and racing for 31 years and have DNF’d exactly three times, all due to significant injury. This time, I wasn’t injured – just hot and exhausted. What made me quit? Am I getting soft in my old age? And is it okay to accept defeat sometimes? I challenged that trail to a duel and I lost. It happens…but usually not to me.As I’ve processed this experience, one thing that I’ve realized is that the fact that this was a solo journey, rather than an organized race, made it easier to quit. Knowing that I had no one to answer to other than myself made stopping seem like less of a big deal. That, in turn, raised questions of why I run and for whom. It’s not easy to admit that part of the reason I push beyond the pain and discomfort is for the accolades I’ll receive from others. Big victories and course records garner a lot more attention than solitary excursions. It is far more difficult to persevere knowing that my accomplishment (or failure) will be unknown except to those closest to me. 1 2last_img read more

Senators continue Equifax criticism during Wednesday hearings

first_img continue reading » Former Equifax CEO Richard Smith on Wednesday continued his tour on Capitol Hill to defend his previous employer’s response to a data breach that disclosed the personal financial information of more than 145 million Americans.Smith testified first in the morning before the Senate Banking Committee, followed by an afternoon hearing with the Senate Judiciary Subcommittee on Privacy Technology and the Law. Similar to Tuesday’s experience, lawmakers quizzed Smith about the timeline of events, including who knew what details and when.Senate Banking Member Elizabeth Warren, D-Mass., condemned Equifax’s business model, noting the firm makes money from data breaches – including its own – because more Americans then sign up for identity theft protections. She also noted that small banks and credit unions will be hurt because they’ll have to shoulder the costs of issuing new cards to members. 8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Cablevision Sale To Altice Gets State Approval, With Conditions

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York The New York State Public Service Commission (PSC) voted Wednesday to approve the $17.7 billion purchase of Bethpage-based Cablevision Systems Corp. by the European media conglomerate Altice N.V., clearing the last major regulatory hurdle.Last month the Federal Communications Commission (FCC) ruled that the pending acquisition of Cablevision, which owns Newsday and News12, “serves the public interest,” citing the “benefits of increased broadband speeds and more affordable options for low income customers.”On Wednesday, New York’s PSC weighed in, approving the sale but imposing some public interest conditions on Altice that it estimates will provide $243 million in benefits to New York consumers, such as creating “a new low-income broadband program,” building out its network in “unserved areas” and providing about $40 million in additional benefits stemming from Cablevision’s participation in a “new federal broadband affordability program.”The PSC’s approval was not a surprise for Altice, which has already been on record anticipating that the sale would close in the second quarter of this year.“Altice is pleased to have obtained approval from the New York State Public Service Commission for the acquisition of Cablevision,” said Altice spokesman Jimmy Asci. “This follows approvals received from the Federal Communications Commission, the Department of Justice, the New Jersey Board of Public Utilities and 67 local municipalities. We remain on track to closing the transaction as expected.”As for what the purchase portends for the future of Newsday and News 12 Long Island, Altice was mum.“We’re not commenting any further,” Asci said in an email to the Press.The PSC hailed the approval as a victory for the state because of the conditions it had imposed on the deal.“As a result of Governor Andrew M. Cuomo’s strengthening of our oversight of the sale of cable companies, we were able to put in place rigorous conditions on the transaction to ensure it was in the best interest of customers and the State as a whole,” Commission Chair Audrey Zibelman said in a press release. “With our decision today, we will see a significant investment in New York’s communication landscape that improves quality, reliability, speed and affordability for Cablevision’s customers.”According to the PSC, Altice has agreed to triple the speed of its network to 300 megabites per second by the end of 2017, increase high-speed broadband access in rural and urban communities throughout its service territory, provide some 600,000 low-income households with affordable high-speed broadband at $14.99 per month and during declared state and federal emergencies provide free Wi-Fi service to all to coordinate restoration efforts with electric utilities that will make the “entire network more robust, reliable and resilient.”One of the concerns raised about the purchase was job protection, considering Altice’s reputation for slashing payrolls. The PSC’s approval says that for four years Altice is prohibited from laying off, involuntarily reducing or taking any action “intended to reduce (excepting attrition and retirement incentives) any customer-facing jobs,” such as call centers or walk-in centers.MORE: What does Cablevision sale mean for Newsday?Cablevision has roughly 1.9 million voice, broadband and video customers in New York with more than 220 cable franchises in Long Island, New York City and the lower Hudson Valley. Altice has operations in western Europe, Israel, the French Caribbean, the Dominican Republican and some areas around the Indian Ocean.Once the deal closes as expected, Altice’s deal with Cablevision, the nation’s fifth-largest cable company, with 3.1 million subscribers, combined with Altice’s $6 billion acquisition last year of St. Louis-based Suddenlink Communications, the seventh-largest cable provider in the country, would make it the fourth-largest cable operator behind Comcast, Time Warner and Charter Communications.The mega-corporation was founded in 2002 by billionaire tycoon Patrick Drahi and has more than 55,000 employees worldwide. Soon it may be adding a few more in New York—while perhaps jettisoning some of the highly compensated executives, those earning more than $300,000 a year, whose salaries had drawn Drahi’s public disapproval when he initially discussed his offer to buy Cablevision last September in a conference call with investors.“I don’t like to pay salaries,” Drahi reportedly said. “I pay as little as I can.”last_img read more