Summary
Charter Communications, Inc. (CHTR) announced on July 6, 2006, the completion of a significant asset disposition as reported in their Form 8-K filing dated July 1, 2006. The company's indirect subsidiary, Charter Operating, sold geographically non-strategic cable television systems located in West Virginia, Virginia, Illinois, and Kentucky. These sales were completed to Cebridge Acquisition Co., LLC and Telecommunication Management, LLC (operating as NewWave Communications).
Key Highlights
- 1Charter Communications, Inc. completed the sale of non-strategic cable assets on July 1, 2006.
- 2The sale involved systems in West Virginia, Virginia, Illinois, and Kentucky.
- 3The buyers were Cebridge Acquisition Co., LLC and Telecommunication Management, LLC (NewWave Communications).
- 4Aggregate proceeds from the sale were approximately $896 million, subject to post-closing adjustments.
- 5The divested systems served a total of approximately 317,800 analog video customers (242,600 to Cebridge and 75,200 to NewWave).
- 6This transaction is classified as a completion of acquisition or disposition of assets under Item 2.01 of Form 8-K.
Frequently Asked Questions
Charter Communications is reporting the completion of the sale of certain geographically non-strategic cable television assets.
The company received aggregate proceeds of approximately $896 million from the sale, with the final amount subject to post-closing adjustments.
Cable television systems in West Virginia and Virginia were sold to Cebridge Acquisition Co., LLC, while systems in Illinois and Kentucky were sold to Telecommunication Management, LLC (NewWave Communications).
The divested systems served approximately 242,600 analog video customers for the Cebridge sale and approximately 75,200 analog video customers for the NewWave sale, totaling around 317,800 customers.