Millennium Digital Media loses black ownership.ST. LOUIS-BASED CABLE TELEVISION AND TELECOMMUNICATIONS provider Millennium Digital Media Millennium Digital Media, based in St. Louis, Missouri, is a cable company. Founded in 1997, it provides service to parts of Maryland, Michigan, Washington, and Oregon. Based on pending industry acquisitions, Millennium is currently ranked among the twenty-five largest cable (No. 41 on the BE INDUSTRIAL/SERVICE 100 list with $102.3 million in sales) changed its business strategy and, as a result, will lose its minority-ownership status, making it ineligible in·el·i·gi·ble adj. 1. Disqualified by law, rule, or provision: ineligible to run for office; ineligible for health benefits. 2. for inclusion on the 2007 BE. INDUSTRIAL/SERVICE. 100 listing. In order to upgrade its network and introduce new products and services, Millennium has increased its working capital by bringing in additional investors. Last year, Millennium signed a letter of intent to sell off two-thirds of its cable systems to Wave Division Holdings L.L.C., a Kirkland, Washington-based Internet and telephone services company, for about $150 million to $200 million. Millennium services about 120,000 customers in the states of Washington, Oregon, Michigan, and Maryland. Kelvin kelvin, abbr. K, official name in the International System of Units (SI) for the degree of temperature as measured on the Kelvin temperature scale. A unit of measurement of temperature. Westbrook, co-founder of Millennium, says due in part to a substantive initiative--including plans to explore new business opportunities--the sale agreement was rescinded late last year. "We decided to bring in some additional investors and capital and, as a result of this capital infusion Capital infusion Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. , we will no longer be a minority-owned business," says Westbrook, the company's chairman and chief strategic officer. "I will still be actively involved in all future business activities of the company." Westbrook says the additional resources will enable Millennium to focus on long-term goals Long-term goals Financial goals expected to be accomplished in five years or longer. and acquisitions. Millennium is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. and would not disclose its current financial data or the names of new investors. |
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