Cable MSO WOW! Internet, Cable & Phone (NYSE: WOW) says it has closed the sale of its service areas in Chicago, Evansville, IN, and Anne Arundel, MD, to Radiate HoldCo, LLC, a telecommunications holding company affiliated with the three companies that compose Astound Broadband: RCN Telecom Services, LLC, Grande Communications Networks, LLC, and WaveDivision Holdings, LLC.
The deal nets WOW! $661 million.
WOW! announced earlier this year it would sell the three service areas to Astound Broadband as well as its Cleveland and Columbus, OH, service areas to Atlantic Broadband.
Together, the sales are worth $1.8 billion, the broadband service provider states. The company says it will use the funds to reduce debt, strengthen its financial position, and enhance its activities in its remain service areas.
WOW! asserts its network passes 1.9 million residential, business, and wholesale consumers in 14 markets. Those market primarily are located in the Midwest and Southeast, including Michigan, Alabama, Tennessee, South Carolina, Florida, and Georgia.
"The completion of the Astound Broadband transaction is another important step in the execution of our broadband-first strategy," said Teresa Elder, CEO of WOW!. "We remain committed to providing customers with reliable, accessible, and fast broadband solutions, and now we have an even greater ability to enhance our network and expand our footprint through greenfield and edge-out opportunities."
Stephen Hardy | Editorial Director & Associate Publisher
Stephen Hardy is editorial director and associate publisher of Lightwave and Broadband Technology Report, part of the Lighting & Technology Group at Endeavor Business Media. Stephen is responsible for establishing and executing editorial strategy across the both brands’ websites, email newsletters, events, and other information products. He has covered the fiber-optics space for more than 20 years, and communications and technology for more than 35 years. During his tenure, Lightwave has received awards from Folio: and the American Society of Business Press Editors (ASBPE) for editorial excellence. Prior to joining Lightwave in 1997, Stephen worked for Telecommunications magazine and the Journal of Electronic Defense.
Stephen has moderated panels at numerous events, including the Optica Executive Forum, ECOC, and SCTE Cable-Tec Expo. He also is program director for the Lightwave Innovation Reviews and the Diamond Technology Reviews.
He has written numerous articles in all aspects of optical communications and fiber-optic networks, including fiber to the home (FTTH), PON, optical components, DWDM, fiber cables, packet optical transport, optical transceivers, lasers, fiber optic testing, DOCSIS technology, and more.