Patriot Media Completes Sale to Comcast Corporation
On August 31, 2007, Comcast Corporation completed its acquisition of Patriot Media. See below for the original press release announcing the transaction. The sale of Patriot marks the fourth exit in the last twelve months from Spire Capital’s portfolio.
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.”