<SEC-DOCUMENT>0001104659-17-039898.txt : 20170720
<SEC-HEADER>0001104659-17-039898.hdr.sgml : 20170720
<ACCEPTANCE-DATETIME>20170616154251
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-17-039898
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170616

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Altice USA, Inc.
		CENTRAL INDEX KEY:			0001702780
		STANDARD INDUSTRIAL CLASSIFICATION:	CABLE & OTHER PAY TELEVISION SERVICES [4841]
		IRS NUMBER:				383980194
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1111 STEWART AVENUE
		CITY:			BETHPAGE
		STATE:			NY
		ZIP:			11714
		BUSINESS PHONE:		(516) 803-2300

	MAIL ADDRESS:	
		STREET 1:		1111 STEWART AVENUE
		CITY:			BETHPAGE
		STATE:			NY
		ZIP:			11714
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


<html>
<head>




  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="255" height="19" src="g103018bci001.gif"></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">599 LEXINGTON AVENUE&#160; |&#160; NEW YORK&#160; |&#160; NY&#160; |&#160; 10022-6069</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WWW.SHEARMAN.COM&#160; |&#160; T +1.212.848.4000&#160; |&#160; F +1.212.848.7179</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;16</font>, 2017</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VIA EDGAR AND COURIER</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Larry Spirgel<br> Assistant Director<br> AD Office 11 &#150; Telecommunications</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance<br> Securities and Exchange Commission<br> Mail Stop 3720<br> 100 F Street N.E.<br> Washington, D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ref:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Altice USA,&nbsp;Inc.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment No.&nbsp;3 to </font>Registration Statement on Form&nbsp;S-1</p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed April&nbsp;11, 2017</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File No.&nbsp;</font>333-217240</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mr.&nbsp;</font>Spirgel:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On behalf of Altice USA,&nbsp;Inc.</font> (the &#147;<u>Company</u>&#148;), we are today filing with the U.S. Securities and Exchange Commission (the &#147;<u>Commission</u>&#148;) Amendment No.&nbsp;4 (&#147;<u>Amendment No.&nbsp;4</u>&#148;) to the Company&#146;s registration statement on Form&nbsp;S-1 (the &#147;<u>Registration Statement</u>&#148;), which was originally submitted to the staff of the Commission (the &#147;<u>Staff</u>&#148;) on April&nbsp;11, 2017.&#160; Certain of the revisions in Amendment No.&nbsp;4 have been made in response to the comment received from the Staff contained in your letter dated June&nbsp;14, 2017 (the &#147;<u>Comment Letter</u>&#148;) in connection with the Registration Statement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For your convenience, we have reproduced below in italics the Staff&#146;s comment, followed by the Company&#146;s response.</font>&#160; In addition, capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Registration Statement.&#160; Page&nbsp;references included in the Company&#146;s response are to those contained in Amendment No.&nbsp;4.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:10.5pt;margin:6.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">ABU DHABI&#160; |&#160; BEIJING&#160; |&#160; BRUSSELS&#160; |&#160; DUBAI&#160; |&#160; FRANKFURT&#160; |&#160; HONG KONG&#160; |&#160; LONDON&#160; |&#160; MENLO PARK&#160; |&#160; MILAN&#160; |&#160; NEW YORK<br> PARIS&#160; |&#160; ROME&#160; |&#160; SAN FRANCISCO&#160; |&#160; S&#195;O PAULO&#160; |&#160; SAUDI ARABIA*&#160; |&#160; SHANGHAI&#160; |&#160; SINGAPORE&#160; |&#160; TOKYO&#160; |&#160; TORONTO&#160; |&#160; WASHINGTON, DC<br><br></font></p>
<p align="left" style="line-height:8.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">SHEARMAN &amp; STERLING LLP IS A LIMITED LIABILITY PARTNERSHIP ORGANIZED IN THE UNITED STATES UNDER THE LAWS OF THE STATE OF DELAWARE, WHICH LAWS LIMIT THE PERSONAL LIABILITY OF PARTNERS.</font></p>
<p align="left" style="line-height:8.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<div align="left" style="line-height:8.0pt;margin:0in 0in .0001pt;text-align:left;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p align="left" style="line-height:8.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">*DR. SULTAN ALMASOUD &amp; PARTNERS IN ASSOCIATION WITH SHEARMAN &amp; STERLING LLP</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105192\17-10301-8\task8470878\10301-8-bc.htm',USER='105192',CD='Jun 16 07:44 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unaudited Pro Forma Consolidated Financial Information</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;position:relative;top:.5pt;">Unaudited Pro Forma Consolidated Statement of Operations, Pages&nbsp;69 and 72</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Revise your pro forma earnings per share data to give effect to the number of shares that will be issued in the Organizational Transactions but not in the Offering.&#160; Disclose in a sufficiently detailed footnote your computation of pro forma shares outstanding.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Response</font></u>:&#160; The Company has modified the disclosure on pages&nbsp;67, 69, 71, 72 and 74 of Amendment No.&nbsp;4.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">******************</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We thank you for your prompt attention to this filing.&#160; We hope the foregoing answer is responsive to your comment.&#160; </font>If you have any questions or require any additional information with respect to the above, please do not hesitate to contact me at (212) 848-7333.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very   truly yours,</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Richard B. Alsop,&nbsp;Esq.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Richard   B. Alsop,&nbsp;Esq.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enclosure</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>David Connolly &#151; Executive Vice President and General Counsel, Altice USA,&nbsp;Inc.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Craig E. Marcus</font>,&nbsp;Esq. &#151; Ropes&nbsp;&amp; Gray LLP</p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patrick Edgar &#151; KPMG LLP</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_073640_9990"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\105192\17-10301-8\task8470878\10301-8-bc.htm',USER='105192',CD='Jun 16 07:44 2017' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g103018bci001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g103018bci001.gif
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?IBBH["P((R4UCX' J;WEJ&&)6E*4BM2C,O4C 0$ .P$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
