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FINANCIAL NEWS
Cablevision to buy Bresnan for $1.3 billion
15 Jun 2010
(MENAFN) Cablevision Systems Corp said that it plans to buy Bresnan Communications, majority-owned by private equity firm Providence Equity Partners, for about $1.3 billion, Reuters reported.
Bresnan, which was founded in 1984, provides communications services such as high-speed Internet access, high-definition television, video on demand, and digital telephone service to residential and business customers.
Bresnan serves more than 320,000 customers in Colorado, Montana, Wyoming and Utah, according to its website. The company’s auction follows last year’s death of founder William Bresnan.
Cablevision beat out a competitive field of suitors that included six other bidders in the final round. Other suitors included Suddenlink Communications and media mogul John Malone.
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