Cable Technology Feature Article
Charter Acquires Cable Television Systems from US Cable
By Sujata Garud, TMCnet Contributor
Charter Communications (News - Alert), Inc. has signed an agreement to acquire cable television systems from US Cable of Coastal Texas, LP. The latter company have had about 16,000 customers in Missouri, including the communities of Hannibal, Mexico and Moberly.
The details of the deal have not yet been disclosed; however, the deal is likely to be closed in the third quarter of 2011. Waller Capital, a New York-based investment bank, served as the exclusive financial advisor to US Cable.
In a press release, Charter President, Operations, Steven Apodaca, said, “Charter has a major presence in Missouri, serving customers in 25 counties, so these acquired systems – the Hannibal, Mexico and Moberly operations – have a strong geographic link with other communities Charter is serving in the state. With our headquarters located in St. Louis, Charter is pleased to have these cities become part of our largest regional systems, which furthers Charter's geographic clustering strategy.”
Having businesses in 25 states across the United States and serving more than 5 million household, Charter aims to provide the best communications and entertainment experience for its customers. The systems being acquired currently offer customers digital video, HDTV, high-speed Internet and phone services.
Jim Pearson, President and Chief Executive Officer of US Cable, said, “We have enjoyed working with Charter on this transaction. They have an excellent reputation in Missouri and we feel sure our customers will continue to receive outstanding customer service and the next level of enhanced products. I am proud of our team and all that we have accomplished.”
US Cable of Coastal Texas, LP is a partnership between Comcast (News - Alert) Corp and private investors led by Stephen E. Myers. US Cable continues to operate systems in Colorado, Texas and New Mexico.
Charter Communications was recently in news when the company announced that Michael Lovett, President and CEO, will participate in the Guggenheim Media Symposium Conference this morning in New York, NY.
Sujata Garud is a TMCnet freelancer with three years of writing/editing experience and two years of market research experience. As an editor she has covered the IT, electronics, banking, pharma, construction, mining and healthcare industries. To see more of her articles, please visit her columnist page.
Edited by Rich Steeves