Posted: Jun 15, 2010 10:14 AM by Greg Boyce
Cablevision says it has agreed to pay $1.37 billion for mid-sized cable television provider Bresnan Communications, a move that will help the New York cable company
expand into western states.
The company's move follows an auction that involved bids from some of the nation's largest cable companies. Bresnan's owners agreed to the deal. Cablevision says it will also buy back up to $500 million worth of shares in a move to boost its per-share earnings. Bresnan has operating systems in Colorado, Montana, Wyoming and
Utah with more than 300,000 basic subscribers.
The deal is expected to be completed later this year or early 2011.
Bresnan is Colorado's 2nd largest cable carrier, serving mostly rural areas including Canon City.