Comcast to Acquire Philadelphia Cable Systems from Greater Media, Inc.
Comcast Corporation today announced that it has agreed to acquire Greater Philadelphia Cablevision, Inc., a subsidiary of Greater Media, Inc. ("GMI") that operates a cable system serving approximately 79,000 cable customers in the City of Philadelphia and is essentially debt free. Comcast will issue 4.2 million shares of its Class A Special Common Stock (CMCSK) to complete this transaction, subject to customary price adjustments. The transaction is subject to franchise, other customary approvals, and the simultaneous closing of the sale of GMI's Massachusetts cable systems which are being sold to an unrelated party. The transaction is expected to close by the end of this year.
Brian L. Roberts, president of Comcast said, "We are delighted to announce this transaction which strengthens our presence in the Philadelphia region and once again reaffirms our belief in the future of this city. With this acquisition, Comcast will serve more than 250,000 cable customers in the City of Philadelphia, giving us broader coverage in our home base, a key market for Comcast. Together with previously announced pending acquisitions and investments, this transaction will expand our customer base in our Mid-Atlantic service territory to more than two million."
According to Greater Media Chairman and CEO Peter A. Bordes, "We are committed to our radio and newspaper businesses and to the communities we serve. We intend to continue to operate these businesses and to look for opportunities to expand them through acquisition."
Greater Media, headquartered in East Brunswick NJ, owns and operates the nation's third-largest privately-held group of radio stations, in terms of audience size. The group includes 14 stations in four markets, among them WMGK, WMMR, WPEN and WXXM in Philadelphia. The company also publishes community newspapers reaching 175,000 homes in Middlesex and Monmouth Counties in New Jersey.
Comcast Corporation (www.comcast.com) is principally engaged in the development, management and operation of broadband cable networks and in the provision of content through principal ownership of QVC, Comcast-Spectacor and Comcast SportsNet, a controlling interest in E! Entertainment Television and through other programming investments. Comcast's Class A and Class A Special Common Stock are traded on The Nasdaq Stock Market under the symbols CMCSA and CMCSK, respectively.