Comcast Corporation (Nasdaq: CMCSA, CMCSK), the nation's leading provider of cable, entertainment
and communications products and services, today announced that it has completed the previously announced of Susquehanna Communications, the cable television and broadband services division of Susquehanna Pfaltzgraff.
In the transaction, Comcast is acquiring systems primarily in Pennsylvania, New York, Maine, and Mississippi for a net cash investment of approximately $540 million or $440 million after taking into account certain tax benefits. Comcast previously owned approximately 30 percent of Susquehanna Communications.
Comcast Chairman & CEO Brian L. Roberts said, "These systems geographically complement our existing service areas, and have been very well managed and fully upgraded. We look forward to serving our new customers with our advanced products and services."
"Our employees are looking forward to providing advanced telecommunication services from Comcast for years to come with the same high level of quality and service that our customers have become accustomed to," said Bill Simpson, President and CEO of Susquehanna Pfaltzgraff.
With the addition of Susquehanna's approximately 230,000 basic cable
customers, 71,000 digital cable customers and 86,000 high-speed Internet customers, Comcast now serves a total of 21.7 million basic cable customers, 10.2 million digital cable customers and 9 million high-speed Internet customers.
Goldman, Sachs & Co. acted as exclusive financial advisor to Comcast Corporation and UBS Investment Bank acted as exclusive financial advisor to Susquehanna Pfaltzgraff.
Comcast Corporation (Nasdaq: CMCSA, CMCSK) (http://www.comcast.com) is the nation's leading provider of cable, entertainment and communications products and services. With 21.7 million cable customers, 9 million high-speed Internet customers, and 1.5 million voice customers, Comcast is principally involved in the development, management and operation of broadband cable networks and in the delivery of programming content.
The Company's content networks and investments include E! Entertainment Television, Style Network, The Golf Channel, OLN, G4, AZN Television, PBS KIDS Sprout, TV One and four regional Comcast SportsNets. The Company also has a majority ownership in Comcast-Spectacor, whose major holdings include the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team and two large multipurpose arenas in Philadelphia. Comcast Class A common stock and Class A Special common stock trade on The NASDAQ Stock Market under the symbols CMCSA and CMCSK, respectively.