Over the last few years we have seen a slow but steady consolidation in cable TV providers. First there was the failed mega merger of Comcast and Time Warner Cable, which later turned into a successful merger of Charter and Time Warner Cable.
Now we have Cable One buying a regional cable company, NewWave, which will add 315,589 residential video customers, 466,668 residential broadband customers, and 100,510 residential telephone customers to the Cable One subscriber base.
“We are excited about our acquisition of NewWave, which operates in non-urban markets similar to ours and has significant high-speed data and business services opportunities that we are well-positioned to execute on,” said Cable One CEO Julie Laulis in a statement. “The transaction represents an attractive opportunity to utilize Cable One’s existing balance sheet capacity for a value-enhancing acquisition.”
“It has been my great pleasure to lead the NewWave team these past several years, and I am proud of the hard work of our employees and their many accomplishments,” said NewWave CEO Phil Spencer in a statement. “Over the last four years we have invested significant capital to upgrade our networks, roll out 100 Mbps internet service and enhance our business services. We are excited to become a part of the Cable One team. We both share a common vision and commitment to bring high-quality products and services to the communities we serve.”
Cable One reportedly paying $735 million in cash for the purchase of NewWave.
Source: MultiChannel News
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