Cox Communications Inc.’s sale of small, nonclustered cable systems in Oklahoma, Kansas, Texas and Arkansas with about 54,000 subscribers to Allegiance Communications LLC -- originally announced in November -- was finalized Tuesday.
Allegiance is a partnership formed by Buford Media Group LLC and the Wicks Group of Cos. LLC, a private-equity firm based in New York that specializes in investments in the communications, information and media industries.
Denver-based cable investment banker Daniels & Associates represented Cox in the transaction.
The deal was the first major system acquisition for Buford Media.
“Advances in cable equipment and broadband technologies mean that we can extend the kind of services now available in major metro areas to much smaller cities, towns and rural communities,” Allegiance president and chief operating officer Kay Monigold said in a prepared statement.
“This will expand choices for cable-television services, high-speed Internet connectivity and, eventually, telephone service,” she added. “We look forward to bringing these changes to many of our communities.”