In the media: Wave Broadband up for grabs
Wave Broadband is letting potential buyers kick the tires on the possible sale of its business, which includes more than 325,000 residential and business subscribers in Washington, Oregon and California.
Citing an unnamed source, Bloomberg reported that Wave Broadband parent company WaveDivision Holdings hired Royal Bank of Canada and Waller Capital Corp. to advise it on the sale, which could fetch $1 billion.
By comparison, Cablevision forked out $1.365 billion for Bresnan's 297,000 subscribers two years ago.
The Bloomberg story cited the increase in programming costs as one of the reasons that Wave Broadband was exploring a sale.
The story also said that Comcast and Charter might, along with private equity firms, be interested in Wave Broadband, but company representatives from both cable operators declined to comment. A spokeswoman for WaveDivision also declined to comment.
"It's a buyer's market," said Sanford C. Bernstein & Co. analyst Craig Moffett to Bloomberg. "More than ever, these kinds of assets are more valuable in the hands of the larger players than they are on their own."