Monday, April 2, 2007

Comcast to Acquire Patriot $483 Million -- $6K per Subscriber

Comcast agreed to acquire the cable systems owned and operated by Patriot Media & Communications, a privately-held company owned by cable veteran Steven J. Simmons, Spectrum Equity Investors and Spire Capital, that serves approximately 81,000 video subscribers. Comcast will pay approximately $483 million in cash -- the equivalent of $5,963 per subscriber.

The deal covers systems located in central New Jersey including Princeton and other operations in Somerset, Hunterdon, Morris and Mercer counties, which are contiguous to Comcast systems in Monmouth, Ocean, Trenton and Northwest New Jersey.

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