Cablevision Said to Seek Optimum West Bids by Week’s End
Cablevision Systems Corp. (CVC), seeking a buyer for its Optimum West unit, may get an offer from Charter Communications Inc. (CHTR) after asking for first-round bids by the end of the week, said a person with knowledge of the matter.
Cablevision has hired Bank of America Corp. and Guggenheim Securities LLC as advisers, said another person, who asked not to be named because the process is private. Cablevision was already working with JPMorgan Chase & Co. and Citigroup Inc. on the possible sale, people said last month.
Bloomberg News reported in October that Cablevision was exploring the sale of Optimum West, known as Bresnan Broadband Holdings LLC at the time of its $1.37 billion purchase two years ago. Optimum West offers cable service to about 300,000 customers in states such as Montana, Wyoming, Colorado and Utah.
Charter Chief Executive Officer Tom Rutledge, who served as operations chief at Cablevision during the Bresnan purchase, told CNBC this month he still liked the Optimum West assets. Officials at Charter, Cablevision and Guggenheim declined to comment.
Cablevision shares fell 0.2 percent to $14.32 at the close in New York. Charter dropped almost 1 percent to $69.76.
A representative at Bank of America didn’t immediately return calls seeking comment.