Comcast Corporation to Acquire Patriot Media
Philadelphia, April 3, 2007 – Comcast (Nasdaq: CMCSA, CMCSK), the nation's leading provider of cable, entertainment and communications products and services, today announced that it has entered into an agreement to acquire the cable systems owned and operated by Patriot Media & Communications, a privately-held company owned by cable veteran Steven J. Simmons, Spectrum Equity Investors and Spire Capital, that serves approximately 81,000 video subscribers. Comcast will acquire Patriot for a net cash investment of approximately $483 million.
In the transaction, Comcast will acquire systems located in central New Jersey including Princeton and other operations in Somerset, Hunterdon, Morris and Mercer counties, which are contiguous to Comcast systems in Monmouth, Ocean, Trenton and Northwest New Jersey. The transaction remains subject to regulatory approvals and other customary closing conditions, and the parties anticipate that the transaction will close in the third quarter of 2007.
“Patriot Media systems are fully upgraded, have superior demographics, strong penetration of advanced products and best of all they geographically complement our systems in New Jersey,” said Stephen B. Burke, Comcast Chief Operating Officer and President of Comcast Cable. “We are delighted at the prospect of adding these new customers to Comcast in the near future and look forward to providing them with our advanced products and services.”
“We are very proud of the many things we have accomplished allowing our Central New Jersey customers to receive a superior television, high speed modem, and digital telephone service, “said Steve Simmons, Chairman and CEO of Patriot Media. “Comcast is a first class cable and communications company and we know these customers will be in very good hands and the Patriot tradition of excellent service will be continued.”
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA, CMCSK) (http://www.comcast.com) is the nation's leading provider of cable, entertainment and communications products and services. With 24.2 million cable customers, 11.5 million high-speed Internet customers, and 2.5 million voice customers, Comcast is principally involved in the development, management and operation of broadband cable systems and in the delivery of programming content.
Comcast’s content networks and investments include E! Entertainment Television, Style Network, The Golf Channel, VERSUS, G4, AZN Television, PBS KIDS Sprout, TV One , four regional Comcast SportsNets and Comcast Interactive Media, which develops and operates Comcast's Internet business . Comcast also has a majority ownership in Comcast-Spectacor, whose major holdings include the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team and two large multipurpose arenas inPhiladelphia.
About Patriot Media
Patriot Media & Communications CNJ, LLC is a privately-held company formed in 2002 by cable veteran Steven J. Simmons and Spectrum Equity Investors, a private equity firm specializing in media and communications investments. Patriot Media owns and operates cable systems in central New Jersey, providing cable television, high-speed internet and digital phone services to over 118,000 homes with 2,700 miles of plant. Additional information can be found at www.patmedia.net.
D’Arcy Rudnay, Comcast, Vice President, Corporate Communications
John Gdovin, Patriot Media, Vice President, Operations