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MCG Capital to get $50.4M for broadband unit

Thu, 02/17/2011 - 7:00am
The Associated Press

ARLINGTON, Va. (AP) – MCG Capital Corp. will sell its business, which provides cable TV, high-speed Internet and digital phone service in Indiana and Illinois, to Telecommunications Management, the company said Wednesday.

MCG currently owns a majority stake in Avenue Broadband. MCG said the deal will close in March, and it expects $50.4 million from the sale.

Telecommunications Management is a subsidiary of NewWave Communications, a communications services company that offers video, voice and high-speed data in Missouri, Tennessee, Kentucky, Illinois, Indiana and Arkansas.

Shares of MCG Capital rose 15 cents, or 2.1 percent, to $7.37 in afternoon trading.

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