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Time Warner Cable Closes NewWave Deal

NEW YORK — Time Warner Cable completed its
previously announced acquisition of systems
owned by NewWave Communications for $260
million.

“Today we expand our footprint, improve our
clustering in Kentucky, and welcome new customers
and employees to Time Warner Cable,” said
Time Warner Cable chief operating officer Rob
Marcus in a
statement.
“We are
excited to
serve these
customers
and look forward to bringing them new, innovative
services.”

Time Warner announced the NewWave deal in
June.

NewWave has about 70,000 basic video customers,
44,000 high-speed data customers and
28,000 phone subscribers in Kentucky and Tennessee.

RBC Daniels acted as exclusive financial adviser,
and K&L Gates LLP acted as legal advisor to
NewWave on this transaction. Edwards Wildman
Palmer LLP served as legal adviser to Time Warner
Cable.

Liberty Global Grows RGUs

ENGLEWOOD, COLO. — Liberty Global, the largest international
cable operator, had record third-quarter
customer
additions
last week.

Revenuegenerating
units, a combination
of
voice, video
and data
customers,
grew 96% to
327,000 in
the period,
while revenue
increased 4%, operating cash flow rose 2%
and operating income was up 17%.

Liberty Global attributed the growth in
RGUs to its triple-play offering. About 39%
of Liberty Global’s customers subscribe to a
bundled package of video, voice and data, with
24% taking the full triple play.

LGI still lost about 58,000 video customers
in the period, but like its domestic brethren,
made up the slack with broadband (192,000)
and phone (193,000) additions.

Electronics, Beauty Drive HSN Q3

ST. PETERSBURG, FLA. — Revenue at homeshopping
giant HSN Inc. increased 6% in the
third quarter o
$751 million,
fueled by gains
at both its HSN
channel (up 4%)
and Cornerstone
Brands (11%).

Adjusted
earnings before
interest, taxes,
depreciation and
amortization rose
29% to $63.1 million, spurred by a 20% increase
at HSN and a 93% gain at Cornerstone.

In a statement, HSNI said the increase at the
television network was due to strong gains in the
electronics, beauty and wellness categories.
Digital sales grew 10% in the period with digital
sales penetration rising 180 basis points to 32.8%
in the quarter.

“We achieved these results while executing on
a number of significant initiatives, including new
launches, events and expansion of our digital
efforts,” HSN CEO Mindy Grossman said in a
statement.