Deal worth $1.53 billion
Cablevision Systems said Wednesday it agreed to sell its cable systems in Cleveland, Ohio, to Adelphia Communications for $1.53 billion in cash and stock.
The transaction valued the systems’ 306,000 subscribers at about $5,000 each. It was expected as Cablevision announced in September it was pursuing strategic alternatives for Cleveland as it focuses its businesses more and more in and around New York.
Cash and stocks
The deal includes $990 million in cash and $540 million in Adelphia stock. It boosts Adelphia’s sub count to more than 5.3 million.
Cablevision said it plans to use the proceeds to reduce debt.
The company, whose holdings include Madison Square Garden, Radio City Music Hall and a cinema and a retail electronics chain, is also considering selling its cable operations in Massachusetts and Michigan.