These transactions include cable systems serving the cities and surrounding communities of Albany, Columbus, Tifton and Valdosta, Georgia; Charleston, Carbondale, Effingham, Marion, Moline and Rock Island, Illinois; and Ames, Cedar Rapids, Clinton, Davenport, Des Moines, Dubuque, Fort Dodge, Iowa City, Mason City and Waterloo, Iowa.

As previously announced, the Company completed the purchase of cable systems serving the cities and surrounding communities of Columbia, Jefferson City and Springfield, Missouri from AT&T Broadband on June 29th. Through these multiple transactions with AT&T Broadband, the Company acquired cable systems serving in the aggregate approximately 800,000 basic subscribers for a total purchase price of about $2.1 billion, after preliminary closing adjustments. The reduction from the original purchase price of $2.215 billion reflects adjustments relating to subscribers and capital spending as stipulated in the asset purchase agreements.

Rocco Commisso, Chairman and CEO of Mediacom, said, This is truly a defining moment for Mediacom, our employees, our investors and our customers. After starting with our first cable system acquisition, serving about 10,000 customers in Ridgecrest, California, less than 5½ years ago, Mediacom has now become the eighth largest cable television company in the United States, serving approximately 1.6 million customers in 23 states.

We are eager to rapidly implement our operating and capital investment plans for the AT&T systems, which underscore our overall mission to bridge the ‘digital divide’ between the larger metropolitan areas and the smaller cities and towns that we serve across our nation. Over the next three years, we expect to invest approximately $800 million in our broadband distribution network, including the AT&T systems, enabling us to offer advanced analog video, digital cable, high-speed Internet access, interactive television and other communications products and services to virtually all the communities we serve, Mr. Commisso continued.

Concluding his remarks, Mr. Commisso said, We would like to extend a warm welcome to the newest members of the Mediacom family, the highly dedicated field personnel in the Georgia, Illinois, Iowa and Missouri systems, who will play an important role in our future success. We also would like to thank the local governmental authorities for their expeditious franchise transfer approvals and for welcoming Mediacom into their communities. Lastly, I would like to express my appreciation to Dan Somers and his team at AT&T Broadband for their efforts to accelerate the closing process and to ensure a smooth transition of these systems to Mediacom.

SOURCE: COMPANY PRESS RELEASE