A French telecom giant just bought Cablevision to move into the US market

Cablevision is selling itself to the European telecommunications giant Altice for nearly $18 billion, The New York Times and Wall Street Journal reported.

The deal, which is expected to be announced as soon as Thursday, comes not long after Charter Communications agreed to buy Time Warner Cable and AT&T bought DirectTV. 

The New York Times describes Cablevision as "one of the last remaining trophies of the American cable industry."

Altice, owned by a French billionaire, has made its intention to move into the U.S. cable market clear: It bought Suddenlink Communications in May, and was reportedly in talks to buy Time Warner Cable before Charter sealed the deal.

Cablevision was founded by Charles Dolan in the 1960s; it's currently run by his son James.