Charter Completes Sale of Various Cable Systems to Cobridge Communications
ST. LOUIS, Oct 22, 2010 /PRNewswire via COMTEX/ -- Charter Communications, Inc. (the "Company" or "Charter") today announced completion of the sale of cable systems serving approximately 65,000 customers in seven states to Cobridge Communications, LLC, which is an affiliate of The Gores Group.
"The sale of these systems furthers our continued strategy to strengthen our clusters and enhance operating efficiencies by divesting geographically non-strategic assets," said Charter President and CEO Mike Lovett."Our primary focus is to provide value to our customers and enhance their experience with Charter, and more tightly clustered systems allow us to more effectively achieve this."
The 36 head ends acquired by Cobridge are located in Alabama, Arkansas, Georgia, Louisiana, Missouri, Ohio and Texas. As a result of this sale, Charter no longer operates in Arkansas and Ohio. Charter now serves 25 states. RBC Daniels acted as financial advisor to Charter in the transaction.
Charter (Nasdaq: CHTR) is a leading broadband communications company and the fourth-largest cable operator in the United States. Charter provides a full range of advanced broadband services, including advanced Charter TV(TM) video entertainment programming, Charter Internet(TM) access, and Charter Phone(TM). Charter Business(R) similarly provides scalable, tailored, and cost-effective broadband communications solutions to business organizations, such as business-to-business Internet access, data networking, business telephone, video and music entertainment services, and wireless backhaul. Charter's advertising sales and production services are sold under the Charter Media(R) brand. More information about Charter can be found at charter.com.
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our ability to sustain and grow revenues and cash flows from operating activities by offering video, high-speed Internet, telephone and other services to residential and commercial customers, and to maintain and grow our customer base, particularly in the face of increasingly aggressive competition, the need for innovation and related capital expenditures and the difficult economic conditions in the United States;
the impact of competition from other distributors, including but not limited to incumbent telephone companies, direct broadcast satellite operators, wireless broadband providers, and digital subscriber line ("DSL") providers and competition from video provided over the Internet;
general business conditions, economic uncertainty or downturn, high unemployment levels and the significant downturn in the housing sector and overall economy;
our ability to obtain programming at reasonable prices or to raise prices to offset, in whole or in part, the effects of higher programming costs (including retransmission consents);
our ability to adequately deliver customer service;
the effects of governmental regulation on our business;
the availability and access, in general, of funds to meet our debt obligations, prior to or when they become due, and to fund our operations and necessary capital expenditures, either through (i) cash on hand, (ii) cash flows from operating activities, (iii) access to the capital or credit markets including through new issuances, exchange offers or otherwise, especially given recent volatility and disruption in the capital and credit markets, or (iv) other sources and our ability to fund debt obligations (by dividend, investment or otherwise) to the applicable obligor of such debt; and
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