Here's Why Cablevision Spiked Higher Friday Morning

Shares of Cablevision Systems Corporation (NYSE: CVC) surged to a 52-week high of $34.05 on Friday following a report the company's sale to Altice cleared a regulatory hurdle.

According to the New York Post, New York City's government "accepted" the fact that it cannot stop Altice from acquiring the company.

The publication, citing a "source close to the situation," added that ex-Mayor Michael Bloomberg gave away its authority in cable mergers to the state.

Cablevision serves more than 3 million clients across the Bronx and Brooklyn regions.

Related Link: Cablevision-Altice Is Finally Happening; What's Next?

The city's approval could be made official during a Department of Information Technology meeting on May 9. The State's Department of Public Service Commission will then approve the deal, along with the Federal Communications Commission.