Founder and CEO Rocco Commisso was successful in his second effort to buy out all other shareholders of Mediacom Communications. The deal at $8.75 per share was approved at a shareholders meeting Friday and a few hours later the money changed hands to make Commisso the sole owner.
Approximately 97% of the shares not already held by Commisso were voted in favor of the buyout.
“I wish to extend my heartfelt gratitude to the members of our Board of Directors, most of whom served the Company since our initial public offering in 2000. Throughout the years, they made tremendous contributions, provided sound wisdom and advice to our management team, and at all times upheld the interests of public stockholders. I wish them well in their future endeavors,” said Commisso.
Mediacom had reported 2010 revenues of $1.5 billion, up 2.6% from 2009. Operating income before depreciation and amortization rose 1.2% to $548 million.
According to the proxy filed with the SEC, Commisso paid $394,834,294 to cash out all other shareholders, plus all options and restricted stock held by various employees. He no longer has any other shareholders to deal with, but does have a bigger debt load to support.