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Mediacom Communications Signs Definitive Agreements to Acquire Cable Systems
MIDDLETOWN, N.Y.--(BUSINESS WIRE)--March 15, 2000--Mediacom Communications Corporation (Nasdaq:MCCC) announced today that it has signed two separate asset purchase agreements to acquire for $12.5 million cable systems serving approximately 7,000 basic subscribers in Iowa and Minnesota.
As previously announced, Mediacom has also signed two separate asset purchase agreements to acquire for $16.9 million cable systems serving approximately 12,000 basic subscribers in Illinois and Kentucky. These transactions under contract are expected to close in the second and third quarters of 2000, subject to the receipt of all necessary regulatory approvals. In addition, Mediacom has signed a letter of intent to acquire for $16.0 million cable systems serving approximately 9,000 basic subscribers in Illinois.
In making the announcement, Rocco B. Commisso, Mediacom's founder, Chairman and CEO stated, "Most of these acquisitions are contiguous to our existing operating regions, allowing us to eliminate nearly all of their headend facilities through fiber interconnection. We also plan to make significant investments in their broadband network in order to offer our customers in these communities an expanded array of new products and services including digital cable television and high-speed Internet access."
Mediacom Communications Corporation is the 9th largest cable television company in the United States, based on customers served by wholly-owned systems after giving effect to its pending acquisitions and recently announced industry transactions. Mediacom's cable systems pass approximately 1.1 million homes and serve approximately 747,000 basic subscribers in 21 states, including its pending acquisitions. Mediacom was founded in July 1995 by Rocco B. Commisso to acquire and develop cable television systems serving principally non-metropolitan markets in the United States.
Any statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from historical results or those the Company anticipates. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "RISK FACTORS" in the Company's prospectus, dated February 3, 2000, filed with the Securities and Exchange Commission.
More information about Mediacom Communications Corporation can be accessed on the Internet at: www.mediacomcc.com.
CONTACT: Mediacom Communications Corporation
Mark Stephan Senior Vice President and Chief Financial Officer 914/695-2640 email@example.com