Knology inks $14.8 million sale of California system
Competitive cabler Knology Inc. has agreed to sell its Cerritos, Calif. cable system to Orange Broadband Inc. for $14.8 million cash.
Backed by Boston-based equity firm M/C Venture Partners, Orange Broadband is a new cable acquisition and buyout firm looking to extend its holdings.
It's the second time in recent months that the system has changed hands - Knology bought the Cerritos system from Verizon Media Ventures Inc. in December 2003, along with a system in Pinellas County, Fla., which Knology is now folding into its existing operations.
"We are excited about the potential opportunity in Cerritos and look forward to enhancing the existing network to provide broadband services including high-speed Internet service and digital cable service," said William A. Schuler, Orange's president and CEO.