Optimum Communications (ATUS) insider restructures Class A and B share stake

Rhea-AI Filing Summary

Optimum Communications, Inc. reporting person Next Alt S.a.r.l., an entity indirectly controlled by Patrick Drahi, reported disposing of shares back to the corporate group in structured exchanges approved under Rule 16b-3(e).

Next Alt contributed 5,846,652 shares of Class A common stock to Next Partner, L.P., which then delivered the same number of Class A shares to CSC Investments II LLC, a wholly owned subsidiary of Optimum Communications, in exchange for 14,616.63 Preferred Units in CSC. It also contributed 74,153,348 shares of Class B common stock, which Next Partner delivered to CSC in exchange for 185,383.37 Preferred Units. After the Class B transaction, 108,731,066 Class B shares remained directly held. Each Class B share is convertible into one Class A share for no consideration. The reporting persons disclaim beneficial ownership except to the extent of their pecuniary interest.

Insights

Equity structure and insider-transactions analyst

Large insider dispositions reflect an internal recapitalization, not open-market selling.

The transactions show Next Alt S.a.r.l. moving sizeable Class A and Class B positions into a wholly owned issuer subsidiary via Next Partner, L.P., receiving Preferred Units of CSC in return. This is categorized as a disposition to the issuer under Form 4 rules.

Because consideration is in Preferred Units of a wholly owned subsidiary and the Board pre-approved the exchange under Rule 16b-3(e), this appears as an internal capital and ownership restructuring rather than a market sale. Importantly, 108,731,066 Class B shares remain directly held after the transaction, and each Class B share is convertible one-for-one into Class A.

Overall, the filing mainly updates the ownership and capital structure within the issuer’s group and a major holder’s entities, with no cash sale into the market disclosed in the excerpt. The reporting persons also disclaim beneficial ownership beyond their pecuniary interest, underscoring the structured, entity-level nature of these holdings.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Next Alt S.a.r.l., Drahi Patrick

Role null | null

Type	Security	Shares	Price	Value
Disposition	Class B common stock	74,153,348	$0.00	--
Disposition	Class A common stock	5,846,652	$0.00	--

Holdings After Transaction: Class B common stock — 108,731,066 shares (Direct, null); Class A common stock — 0 shares (Direct, null)

Footnotes (1)

1. On May 29, 2026, Next Alt S.a r.l. agreed to contribute 5,846,652 shares of Class A common stock of the issuer to Next Partner, L.P., an entity owned and controlled by Next Alt S.a r.l. On May 29, 2026, Next Partner agreed to deliver an aggregate of 5,846,652 shares of Class A common stock of the issuer to CSC Investments II LLC ("CSC"), a wholly-owned subsidiary of the issuer, in exchange for 14,616.63 Preferred Units in CSC. The exchange was approved in advance by the Board of Directors of the issuer pursuant to Rule 16b-3(e) under the Securities Exchange Act of 1934. Next Alt S.a r.l. is an indirect wholly controlled personal holding company of Patrick Drahi. Next Alt S.a r.l. is a party to a stockholders agreement with the issuer pursuant to which Next Alt S.a r.l. has certain rights to appoint directors of the issuer. Each Reporting Person disclaims beneficial ownership of all interests reported on this Form 4 except to the extent of such Reporting Person's pecuniary interests. On May 29, 2026, Next Alt S.a r.l. agreed to contribute 74,153,348 shares of Class B common stock of the issuer to Next Partner, L.P., an entity owned and controlled by Next Alt S.a r.l. On May 29, 2026, Next Partner agreed to deliver an aggregate of 74,153,348 shares of Class B common stock of the issuer to CSC Investments II LLC ("CSC"), a wholly-owned subsidiary of the issuer, in exchange for 185,383.37 Preferred Units in CSC. The exchange was approved in advance by the Board of Directors of the issuer pursuant to Rule 16b-3(e) under the Securities Exchange Act of 1934. Each share of Class B common stock of the issuer is convertible into one share of Class A common stock of the issuer for no consideration.

Key Figures

Class A shares exchanged: 5,846,652 shares CSC Preferred Units for Class A: 14,616.63 Preferred Units Class B shares exchanged: 74,153,348 shares +3 more

6 metrics

Class A shares exchanged 5,846,652 shares Contributed by Next Alt and delivered to CSC Investments II LLC

CSC Preferred Units for Class A 14,616.63 Preferred Units Received by Next Partner, L.P. for 5,846,652 Class A shares

Class B shares exchanged 74,153,348 shares Contributed by Next Alt and delivered to CSC Investments II LLC

CSC Preferred Units for Class B 185,383.37 Preferred Units Received by Next Partner, L.P. for 74,153,348 Class B shares

Class B shares remaining 108,731,066 shares Directly held after the Class B disposition

Rule 16b-3(e) approval Board pre-approval Exchanges approved under Exchange Act Rule 16b-3(e)

Key Terms

Rule 16b-3(e), Preferred Units, Class B common stock, stockholders agreement, +1 more

5 terms

Rule 16b-3(e) regulatory

"The exchange was approved in advance by the Board of Directors of the issuer pursuant to Rule 16b-3(e) under the Securities Exchange Act of 1934."

Preferred Units financial

"in exchange for 14,616.63 Preferred Units in CSC."

Preferred units are a class of ownership interests in a partnership or trust that pay fixed or priority distributions before common units, similar to having a reserved lane for getting paid first. They matter to investors because they typically offer steadier income and lower risk of missed payments than common units, but usually provide less upside if the business grows.

Class B common stock financial

"74,153,348 shares of Class B common stock of the issuer to Next Partner, L.P."

A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.

stockholders agreement regulatory

"is a party to a stockholders agreement with the issuer pursuant to which Next Alt S.a r.l. has certain rights to appoint directors"

wholly-owned subsidiary financial

"CSC Investments II LLC ("CSC"), a wholly-owned subsidiary of the issuer"

A wholly-owned subsidiary is a company whose entire ownership is held by another company, called the parent, so the parent controls all shares, board appointments and major decisions. For investors this matters because the subsidiary’s profits, losses, assets and liabilities are treated as part of the parent’s financial picture, affecting valuation and risk exposure — imagine a parent owning a single storefront outright and consolidating its receipts and bills into the parent’s books.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Next Alt S.a.r.l.

(Last) (First) (Middle)

14, RUE ROBERT STUMPER

(Street)

GRAND DUCHY OF LUXEMBOURG L-2557

(City) (State) (Zip)

LUXEMBOURG

(Country)

2. Issuer Name and Ticker or Trading Symbol
Optimum Communications, Inc. [ OPTU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/29/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A common stock	05/29/2026(1)(2)	05/29/2026(1)(2)	D		5,846,652(1)	D	(1)	0	D(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B common stock	$0(4)	05/29/2026(2)(3)	05/29/2026(2)(3)	D			74,153,348	(4)	(4)	Class A common stock	74,153,348	$0	108,731,066	D(2)

1. Name and Address of Reporting Person^*

Next Alt S.a.r.l.

(Last) (First) (Middle)

14, RUE ROBERT STUMPER

(Street)

GRAND DUCHY OF LUXEMBOURG L-2557

(City) (State) (Zip)

LUXEMBOURG

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Drahi Patrick

(Last) (First) (Middle)

14, RUE ROBERT STUMPER

(Street)

GRAND DUCHY OF LUXEMBOURG L-2557

(City) (State) (Zip)

LUXEMBOURG

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. On May 29, 2026, Next Alt S.a r.l. agreed to contribute 5,846,652 shares of Class A common stock of the issuer to Next Partner, L.P., an entity owned and controlled by Next Alt S.a r.l. On May 29, 2026, Next Partner agreed to deliver an aggregate of 5,846,652 shares of Class A common stock of the issuer to CSC Investments II LLC ("CSC"), a wholly-owned subsidiary of the issuer, in exchange for 14,616.63 Preferred Units in CSC. The exchange was approved in advance by the Board of Directors of the issuer pursuant to Rule 16b-3(e) under the Securities Exchange Act of 1934.

2. Next Alt S.a r.l. is an indirect wholly controlled personal holding company of Patrick Drahi. Next Alt S.a r.l. is a party to a stockholders agreement with the issuer pursuant to which Next Alt S.a r.l. has certain rights to appoint directors of the issuer. Each Reporting Person disclaims beneficial ownership of all interests reported on this Form 4 except to the extent of such Reporting Person's pecuniary interests.

3. On May 29, 2026, Next Alt S.a r.l. agreed to contribute 74,153,348 shares of Class B common stock of the issuer to Next Partner, L.P., an entity owned and controlled by Next Alt S.a r.l. On May 29, 2026, Next Partner agreed to deliver an aggregate of 74,153,348 shares of Class B common stock of the issuer to CSC Investments II LLC ("CSC"), a wholly-owned subsidiary of the issuer, in exchange for 185,383.37 Preferred Units in CSC. The exchange was approved in advance by the Board of Directors of the issuer pursuant to Rule 16b-3(e) under the Securities Exchange Act of 1934.

4. Each share of Class B common stock of the issuer is convertible into one share of Class A common stock of the issuer for no consideration.

Remarks:

Exhibit List: Exhibit 24.1 - Power of Attorney for Next Alt S.a r.l; Exhibit 24.2 - Power of Attorney for Patrick Drahi

	Next Alt S.a r.l. By: /s/ Armelle Koelf Armelle Koelf, pursuant to power of attorney for Next Alt S.a r.l.	06/02/2026
	By: /s/ Armelle Koelf Armelle Koelf, pursuant to power of attorney for Patrick Drahi	06/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Optimum Communications (ATUS) report on May 29, 2026?

Optimum Communications reported that Next Alt S.a.r.l. disposed of Class A and Class B shares back to a wholly owned subsidiary, CSC Investments II LLC, in exchange for Preferred Units of CSC, reflecting an internal recapitalization rather than an open-market sale.

How many Optimum Communications Class A shares were involved in the Next Alt transaction?

Next Alt S.a.r.l. contributed 5,846,652 Class A common shares to Next Partner, L.P., which then delivered the same 5,846,652 Class A shares to CSC Investments II LLC in exchange for 14,616.63 Preferred Units of CSC, a wholly owned subsidiary of Optimum Communications.

What happened to Optimum Communications Class B shares held by Next Alt S.a.r.l.?

Next Alt S.a.r.l. contributed 74,153,348 Class B common shares to Next Partner, L.P., which delivered 74,153,348 Class B shares to CSC Investments II LLC for 185,383.37 Preferred Units of CSC, while 108,731,066 Class B shares remained directly held after the transaction.

How are Optimum Communications Class B shares related to Class A shares?

Each Optimum Communications Class B common share is convertible into one Class A common share for no consideration, meaning holders can switch to Class A on a one-for-one basis without paying additional cash, according to the Form 4 footnote disclosure.

Was the Optimum Communications insider share exchange pre-approved by the board?

Yes. The exchanges of Class A and Class B shares for Preferred Units in CSC were approved in advance by Optimum Communications’ Board of Directors pursuant to Rule 16b-3(e) under the Securities Exchange Act of 1934, as stated in the footnotes.

Does Patrick Drahi personally own the Optimum Communications shares in this Form 4?

The filing states Next Alt S.a.r.l. is an indirect wholly controlled personal holding company of Patrick Drahi, but each reporting person disclaims beneficial ownership of all interests reported except to the extent of their pecuniary interests in the securities.