Video Internet Broadcasting Corp. has inked a memorandum of understanding (MOU) to purchase Provo Cable, a municipal provider that serves about 2,400 subscribers.
Terms of the agreement hinge on approval of VIB's contract with the city to provide voice, video and data services. The approval is pending a ratification by the Provo City Municipal Council next month and legal review from outside counsel, the company said.
Under the MOU, VIB has been managing the system for the city of Provo since February 2004.
VIB, which is based in Ephrata, Wash., claimed its fiber-rich "HomeNet" platform will offer data speeds as high as 100 Mbps.