Time Warner Cable will acquire cable systems from NewWave Communications serving some 70,000 basic video subscribers, 42,000 Internet subscribers, and 26,000 phone subscribers in Kentucky and western Tennessee for $260 million in cash. NewWave bought many of these properties as long ago as 2003 and this transaction “allows NewWave to realize a return for our investors while allowing our team to concentrate on our ongoing operations in our other service areas,” said Jim Gleason NewWave CEO.
The transaction is subject to FCC, franchise and antitrust approval. They expect to close the deal in Q4. Time Warner Cable and NewWave Communications say they will work together to provide a smooth transition for customers and employees.
RBC Daniels was the exclusive financial advisor to NewWave on the deal.