Comcast Wraps SusCom Deal
By Mike Farrell -- Multichannel News, 5/1/2006 1:19:00 PM
Comcast Corp. said Monday that it completed its purchase of the remaining interest in Susquehanna Communications it didn’t already own.
Comcast -- which already owned 30% of the York, Pa.-based cable company -- said in October that it would purchase the remaining interest in SusCom for $540 million, or $440 million after taking into account certain tax benefits.
Susquehanna Pfaltzgraff Co., SusCom’s parent, put the cable operation on the block in April 2005 as part of an overall strategy to divest of its operations.
Its Susquehanna Media Co. sold its 33 radio stations in October to Cumulus Media Inc. for about $1.2 billion. And the Pfaltzgraff dinnerware operations were sold in July 2005 to Lifetime Brands Inc.
SusCom has about 230,000 subscribers in Pennsylvania, New York, Maine and Mississippi.
The Goldman Sachs Group Inc. acted as exclusive financial advisor to Comcast and UBS Investment Bank acted as exclusive financial advisor to Susquehanna Pfaltzgraff.
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