Bethpage,
N.Y. – Cablevision (NYSE: CVC), the nation’s
fifth-largest cable TV provider, announced on Monday that it will acquire regional
cable TV provider Bresnan Communications from Providence Equity Partners for
$1.4 billion. Bresnan is the thirteenth-largest cable TV provider in the U.S., passing more than 630,000 homes with
300,000 subscribers in Colorado, Montana, Wyoming and Utah.
Cablevision will
acquire Bresnan though a newly-formed subsidiary with standalone financing; the
deal is expected to close by early 2011.
"Bresnan is a well-managed
company that has invested wisely in its operations and has pursued a strategy
which is aligned and quite similar to Cablevision’s," said Cablevision COO
Tom Rutledge, who will oversee the property for the company.
The Associated
Press notes that other bidders reportedly included Charter, Ascent Media Group,
Suddenlink Communications and TPG Capital.
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