Knology Inc. said it reached a definitive agreement to purchase Verizon Media
Ventures Inc.’s cable systems in Pinellas County, Fla., and Cerritos, Calif.,
with a combined 64,000 subscribers for an undisclosed sum.
Knology -- which operates overbuild cable systems in five Southern states and
has about 130,000 subscribers -- is expected to close the deal by the end of the
The Verizon systems are overbuilds of Bright House Networks LLC. The Cerritos system is an incumbent one.
GLA New Ventures LLC, a St. Louis-based investment company, backed Knology on
Verizon had agreed to sell the systems to Adelphia last June, but it
terminated the deal when Adelphia ran into trouble after the federal government
began investigating its accounting practices. Adelphia filed for Chapter 11
bankruptcy protection in June 2002.
In commenting on the purchase, Knology president Rodger Johnson said in a
prepared statement that the company would focus on "high-quality customer
service and deliver a strong value proposition as we roll out our product
In addition to 64,000 video customers, the systems have about 11,000