Bresnan Communications sold to New York-based Cablevision
Deal cut valued at $1.365 billion, to be completed in early 2011
June 26, 2010
Cablevision Systems purchased Bresnan Communications, which serves Craig, on June 14 in a deal valued at $1.365 billion, according to a news release.
Cablevision, a New York-based company, will create a subsidiary of the company to manage Bresnan's customers in Colorado, Montana, Wyoming and Utah.
The deal is expected to be completed in early 2011. The deal is also subject to "certain customary closing conditions, including regulatory approval," according to the release.
According to the release, Bresnan was founded by Bill Bresnan in 1984 and serves more than 320,000 subscribers in four states.
The company provides high-definition digital television with video on demand, high-speed Internet and digital phone.
The company serves 80,000 Colorado residents and 3,000 customers in Craig, Bresnan public affairs vice president Shawn Beqaj said.
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The company also has 200 customers between Meeker and Rangely.
The company has an office in Craig, which employs eight people.
Cablevision Chief Operating Officer Tom Rutledge said the company will look to expand on Bresnan's digital voice services, add more high-definition television channels and expand Bresnan Triple Play.
"Bresnan is a well-managed company that has invested wis-
ely in its operations and has pursued a strategy which is aligned and quite similar to Cablevision's," Rutledge said in the release.
Bresnan President and CEO Jeffrey S. DeMond said the company stands for "exceptional performance" and "unflinching commitment to customers, colleagues and community."
"I could not be more proud of our team's accomplishments nor more appreciative of the support of our great partners," DeMond said in the release. "Bill Bresnan would have agreed, and I speak for the entire family of Bresnan employees in expressing our confidence that Bresnan will enjoy continued success as part of the Cablevision family of companies."