Charter Completes Its Acquisition of Optimum West from Cablevision
STAMFORD, Conn. and BETHPAGE, N.Y., July 1, 2013
STAMFORD, Conn. and BETHPAGE, N.Y., July 1, 2013 /PRNewswire/ -- Charter
Communications, Inc. (NASDAQ: CHTR) and Cablevision Systems Corporation (NYSE:
CVC) today announced the completion of Charter's $1.625 billion acquisition of
Cablevision's Bresnan Broadband Holdings, LLC ("Optimum West"). As a result
of the acquisition, Charter adds cable operating systems in Colorado, Montana,
Wyoming and Utah that pass more than 660,000 homes and serve 375,000
residential and business customers.
"With the completion of our acquisition of Optimum West, Charter welcomes new
customers, new employees and new communities," said Tom Rutledge, Charter's
President and CEO. "These former Bresnan properties, which under
Cablevision's leadership became some of the fastest growing cable properties
in the United States, are an ideal fit for Charter, and we anticipate a smooth
and efficient integration process."
Cablevision President and CEO James L. Dolan said, "We are very grateful to
our Optimum West team and proud of the substantial progress we made in growing
the business while it was a part of Cablevision. We wish the Optimum West team
the very best under its new management."
Charter funded the acquisition of Optimum West with $1.5 billion of committed
bank financing to Charter Communications Operating, LLC, and liquidity from
cash on hand and its revolving credit facility.
Credit Suisse and Goldman Sachs acted as financial advisors to Charter, and
also provided debt financing commitments for the transaction. Citi and J.P.
Morgan acted as co-lead financial advisors to Cablevision. BofA Merrill Lynch
and Guggenheim Securities provided financial advice to Cablevision.Sherman &
Howard acted as legal counsel for Charter and Sullivan & Cromwell LLP as legal
counsel to Cablevision.
Charter (NASDAQ: CHTR) is a leading broadband communications company and the
fourth-largest cable operator in the United States. Charter provides a full
range of advanced broadband services, including advanced Charter TV® video
entertainment programming, Charter Internet® access, and Charter Phone®.
Charter Business® similarly provides scalable, tailored, and cost-effective
broadband communications solutions to business organizations, such as
business-to-business Internet access, data networking, business telephone,
video and music entertainment services, and wireless backhaul. Charter's
advertising sales and production services are sold under the Charter Media®
brand. More information about Charter can be found at charter.com.
Cablevision Systems Corporation (NYSE: CVC) is one of the nation's leading
media and telecommunications companies, delivering its Optimum-branded
television, Internet, and voice offerings throughout the New York area.
Cablevision's local media properties include News 12 Networks, MSG Varsity and
Newsday Media Group. Additional information about Cablevision is available on
the Web at www.cablevision.com.
SOURCE Charter Communications, Inc.
Contact: Charter: Media, Anita Lamont, 314-543-2215, email@example.com,
or Analysts, Stefan Anninger, 203-905-7955, firstname.lastname@example.org; or
Cablevision: Media: Kelly McAndrew, 516-803-2351, Kmcandre@cablevision.com, or
Analysts, Bret Richter, 516-803-2270, Brichter@cablevision.com
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