Bresnan Broadband Holding and Comcast Corporation Complete Transaction
Bresnan Broadband Holdings, LLC ("Bresnan") and Comcast Corporation today completed the transfer from Comcast to Bresnan of cable television systems serving 314,000 basic subscribers, the companies announced. The transaction was announced on February 4, 2003. Comcast received approximately $525 million in cash and also received preferred and common equity interests in Bresnan. In addition to Comcast, Bresnan's equity owners include Providence Equity Partners Inc., as the lead investor, Quadrangle Group LLC, TD Capital Communications Partners, and Bresnan management. Bresnan Communications, Inc. will manage the company which will operate locally as Bresnan Communications. Additional terms were not disclosed.
The purchase involves 197 communities including systems serving: Billings, Bozeman, Helena, Great Falls, Kalispell and Missoula, Montana; Cheyenne, Casper, Laramie and Jackson, Wyoming; and Grand Junction, Canon City and Durango, Colorado. Bresnan plans to rapidly upgrade the majority of the systems through an aggressive capital expenditure plan which was fully funded at the closing of the transaction.
"Bresnan Communications is known throughout the cable industry for our strong commitment to leading-edge technology, high-quality programming, award-winning customer service and hands-on community involvement. These values have driven and distinguished our company since its founding in 1984," said Bill Bresnan, President and Chief Executive Officer. "We will continue to be guided by these business principles as we welcome these new cable systems into our corporate family. Our partnership with Comcast, as well as Providence and our other financial partners, and our strong, experienced team of employees will help further these goals. We plan to immediately begin upgrading these systems to be able to launch advanced services such as broadband Internet service and Video on Demand as soon as possible. "
About Bresnan Communications
Bresnan Communications is a broadband communications provider founded by Bill Bresnan in 1984. An early leader in the introduction of advanced services, Bresnan has operated in the United States, Chile and Poland, at one point serving over a million customers worldwide. Bresnan currently serves about 314,000 subscribers in Colorado, Montana, Wyoming and Utah. More information on Bresnan is available at www.bresnan.com.
Comcast Corporation (www.comcast.com) is principally involved in the development, management and operation of broadband cable networks, and in the provision of electronic commerce and programming content. Comcast Cable is the leading cable company in the United States serving more than 21 million cable subscribers. Comcast's commerce and content businesses include majority ownership of QVC, Comcast-Spectacor, Comcast SportsNet, The Golf Channel, Outdoor Life Network, G4, and a controlling interest in E! Entertainment Television and Style. Comcast's Class A and Class A Special Common Stock are traded on The Nasdaq Stock Market under the symbols CMCSA and CMCSK, respectively.
About Providence Equity Partners Inc.
Providence Equity Partners Inc. is one of the world's leading private investment firms specializing in equity investments in media and communications companies. The principals of Providence Equity manage funds with over $5.0 billion in equity commitments, including Providence Equity Partners IV, a $2.8 billion private equity fund, and have invested in more than 60 companies operating in over 20 countries since the firm's inception in 1991. Providence Equity's current and previous areas of investment include cable television content and distribution, wireless and wireline telephony, publishing, radio and television broadcasting and other media and communications sectors. Recently announced investments include Casema, the Dutch cable business formerly operated by France Telecom; eircom plc, the national fixed line telephone company of Ireland; and the pending acquisition of the cable television assets of Deutsche Telekom AG. Visit www.provequity.com for additional information.
About Quadrangle Group LLC
Quadrangle Group LLC manages Quadrangle Capital Partners LP, a private equity fund that specializes in the media and communications industries. The firm also invests in financially troubled companies across industry groups through a separately managed distressed debt investment program. Quadrangle Group was founded in March 2000 by four former Managing Directors of Lazard Frères & Co. LLC who have more than 60 years of combined experience in private equity and in media and communications.
About TD Capital Communications Partners
TD Capital Communications Partners is an investment group of TD Capital, the private equity arm of TD Securities. TD Capital Communications Partners targets compelling investment opportunities in the media, communications and business services sectors in the United States. TD Capital Communications Partners participates as a lead, co-lead or co-investor with equity commitments between $10 to $30 million, investing at all stages of development. For more information on TD Capital and its investment groups, go to www.tdcapital.com.