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Charter Wraps System Sales

By Multi Channel News Staff -- Multichannel News, 7/3/2006 12:46:00 PM

Charter Communications completed sales of geographically nonstrategic cable systems to Suddenlink Communications (formerly Cebridge Connections) and NewWave Communications for approximately $896 million, subject to post-closing adjustments.

The MSO sold systems in West Virginia and Virginia with about 242,600 subscribers to Suddenlink and systems with 75,200 customers in Kentucky and Illinois to NewWave.

Daniels & Associates and JPMorgan Securities advised Charter in the two transactions.

"These sales reflect our strategy to divest geographically nonstrategic assets aimed at enhancing overall operating efficiency, while also increasing the company's liquidity," Charter CEO Neil Smit said in a prepared statement.

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