Mediacom Communications Corp. chairman and CEO Rocco Commisso sold about 5% of his holdings in the Middletown, N.Y.-based cable operator earlier this month, raising about $7.7 million as part of a personal-asset-diversification and liquidity strategy.
According to a document filed with the Securities and Exchange Commission Nov. 26, Commisso sold about 1.4 million shares of Mediacom class-A and class-B common stock, or about 5% of his total holdings, Nov. 23 at $5.50 each. The stock represented about 1.2% of Mediacom’s total outstanding shares.
In the SEC document, Mediacom said Commisso has no intention to sell any additional shares.
Commisso’s holdings are made up of about 26.8 million shares of class-B common stock (22.6% of total outstanding shares in the company), and he controls 74% of the voting power of the company.
Mediacom stock closed at $5.24 per share Monday, down 20 cents each.