Mediacom completes share repurchase

16 Feb 2009

The US cable operator Mediacom Communications has completed the repurchase of 30% of its outstanding shares from Shivers Investments, an affiliate of Morris Communications Company. Under the terms of the transaction agreement, which was signed last September, Mediacom exchanged 100% of the shares of a wholly-owned subsidiary, which held approximately USD110 million of cash and non-strategic cable television systems serving approximately 25,000 basic subscribers, for 28,309,674 shares of its Class A common stock held by Shivers Investments. Rocco B. Commisso, Chairman and CEO of Mediacom, said that he was ‘particularly grateful for the significant financial investment the Morris organization made in Mediacom in its early growth stage and for their unwavering support throughout our decade long association.’

United States, Mediacom Communications