Charter to buy cable manager Optimum West

Cablevision selling company for $1.6 billion

Cablevision Systems has clinched a deal to sell Bresnan Broadband holdings, otherwise known as Optimum West, to Charter Communications for $1.6 billion in cash, the companies said Thursday.

Optimum West manages cable systems in Colorado, Montana, Wyoming and Utah that pass more than 660,000 homes and serve 304,000 video subscribers.

“With this transaction, Charter will acquire some of the fastest growing cable assets in the United States,” said Tom Rutledge, CEO of Charter (who ankled as Cablevision’s chief operating officer in late 2011.) “Optimum West is an ideal fit for Charter and we anticipate an efficient integration process.”

“We are proud of the value we created in the Optimum West properties,” said Cablevision CEO James Dolan.

Charter will fund the acquisition with $1.5 billion of committed bank financing, cash on hand and its revolving credit facility. The deal is expected to close in the third quarter.

Credit Suisse and Goldman Sachs acted as financial advisors to Charter and have also provided debt financing commitments for the transaction.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More TV News from Variety