A New York cable company is facing criticism after announcing it will sell off its entire cable network in a deal with Verizon.
The company, which has more than 200,000 customers in the United States, said Monday that it would sell its entire network to Verizon Cable in a merger valued at $1.2 billion.
Verizon is a cable company that offers Internet service to consumers in several states including New York, Connecticut, Delaware, Maine and Rhode Island.
A company spokesman said in a statement that the deal was completed last week and the companies will continue to operate independently and operate under the same terms and conditions as before the merger.
The company said it was working with the Federal Communications Commission to ensure customers will receive a seamless transition.
The merger was announced by Verizon Communications President Lowell McAdam in a speech to employees in the company’s New York City headquarters on Monday.
It comes as Comcast and Time Warner Cable are looking to merge to form a larger cable company.
The company said in the statement that it will “continue to provide customers with the fastest, most reliable and secure Internet experience possible.”
The cable company said that the merger will create more than 2 million new jobs and bring significant revenue to the company.
The transaction is subject to FCC approval, the company said.
In December, Verizon agreed to buy Time Warner for $85.7 billion in cash and stock in a $85 billion deal that also included an $8 billion purchase of NBCUniversal.