Cablevision Adds Advisers Seeking Western System Sale

Signs Up Bank Of America, Guggenheim Securities
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Cablevision Systems has added more advisers exploring a possible sale of its Optimum West systems, signing on Bank of America and Guggenheim Securities, according to Bloomberg News.

Cablevision hired the bankers to advise it on the sale of the systems, which have about 300,000 customers in Montana, Wyoming, Utah and Colorado. Cablevision purchased the systems — formerly Bresnan Communications — in 2010 for $1.4 billion.

BofA and Guggenheim would join JP Morgan Chase and Citigroup, banks that, according to sources in the financial community, are leading the process.

Financial sources said Charter Communications could be a bidder for Optimum West. Charter CEO Tom Rutledge was chief operating officer of Cablevision when it bought the former Bresnan systems. Rutledge said at an investors’ conference this month Charter has no burning need to make acquisitions, but said that didn’t mean buying assets was off the table.

Other possible bidders include cable providers Suddenlink Communications, Wave Broadband and WideOpenWest.

Cablevision CEO James Dolan said during an earnings call last month the company was exploring a sale of Optimum West, and said interest has been high.

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