ST. LOUIS, Oct. 22 /PRNewswire-FirstCall/ — 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™ video entertainment programming, Charter Internet™ access, and Charter Phone™. Charter Business® 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® brand. More information about Charter can be found at charter.com.
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SOURCE Charter Communications, Inc.