Time Warner Cable sells off systems
Time Warner Cable announced late yesterday afternoon that it’s selling a small group of “non-core” cable systems to Windjammer Communications.
The systems serve approximately 80,000 basic video subscribers and 120,000 revenue-generating units spread across more than 125 headends in 25 states. Time Warner Cable said the systems were located in areas outside of the company’s core geographic clusters.
Time Warner Cable said the sale of these systems was not expected to have a material impact on the company’s ongoing financial results, but Time Warner Cable’s second-quarter results will reflect a pre-tax, non-cash loss on the sale of these systems of approximately $45 million, which will be included as a component of operating income.
The sale to Windjammer Communications is expected to close during the fourth quarter of this year once it clears the customary regulatory approvals.
Windjammer is a joint venture between Mast Capital Management and Communications Construction Services.
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