Cox signs definitive agreement to sell cable systems to FrontierVision.ATLANTA--(BUSINESS WIRE)--Nov. 27, 1995--Cox Communications, Inc., today announced a definitive agreement to sell a number of its cable television systems in Ohio to FrontierVision Partners, L.P., a new entity formed to acquire and operate cable systems in targeted geographic regions of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Closing of the transaction is expected during the second quarter of 1996, pending legal and regulatory approvals. The sale price was not disclosed. The transaction includes systems in the following western Ohio and Kentucky communities, representing a total of approximately 77,900 customers: Defiance, Ada, Minster, Wauseon, Bluffton, Versailles, Napolean, Carey, Ashland, Ironton, Chillicothe, Waverly, Washington Waverly is a town in Spokane County, Washington, United States. The population was 121 at the 2000 census. History Waverly was officially incorporated on May 15, 1907. Geography Waverly is located at (47.339852, -117. Courthouse, Greenfield, Oakland, Beaver and Jasper. Cox Communications Cox Communications is a privately owned subsidiary of Cox Enterprises providing digital cable television and telecommunications services in the United States. It is the third-largest[2] cable television provider in the United States, serving more than 6. acquired the systems in February 1995 as part of its merger with Times Mirror Company. In making the announcement, Jimmy Hayes For other persons of the same name, see James Hayes. James Allison "Jimmy" Hayes (born December 21, 1946) is a Republican politician from the state of Louisiana. , Senior Vice President of Finance and Chief Financial Officer, said, "The reasons for this transaction are two-fold. First, we were required by the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. to divest a number of these systems because they are part of the Grade B Contour of Cox Enterprises' television station, WHIO-TV, in Dayton, Ohio Dayton is a city in southwestern Ohio, United States. It is the county seat and largest city of Montgomery County. As of the 2005 census estimate, the population of Dayton was 158,873. . Second, these systems do not fit with any of our major system clusters, and those clusters are our focus as we position Cox for the offering of new services, such as telephony. Proceeds from this sale will be used to pursue strategic acquisitions that enhance our existing clusters." John S. Koo, Senior Vice President and Chief Financial Officer of FrontierVision, said, "The addition of these Ohio systems to FrontierVision's Ohio cluster follows our strategic focus and, with over 115,000 customers within the state, enhances our presence in Ohio significantly." FrontierVision Partners, L.P. is a new entity formed to acquire and operate cable systems in targeted geographic regions of the United States. Major investors include J.P. Morgan Capital Corporation, Brown Brothers Harriman & Co. 1818 Fund II, Olympus Partners, and First Union Capital Partners. FrontierVision currently serves 94,000 customers in the states of Ohio and Maine. Cox Communications, Inc., (NYSE NYSE See: New York Stock Exchange :COX) is the one of the nation's five largest multiple system operators, serving some 3.2 million customers. Cox is a fully integrated, diversified broadband communications company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. with interests in domestic and international cable distribution systems, programming, and telecommunications technology. CONTACT: Cox Communications, Inc. Ellen East, 404/843-5854 (Media) Jimmy Hayes, 404/843-5151 (Investors & Analysts) |
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