Cablevision Bids for Bresnan: Reports
BETHPAGE, N.Y. (TheStreet) -- Bresnan Communications, a medium-sized cable company, has become the focus of bidding by some of the largest U.S. cable companies and could be purchased soon by Cablevision Systems (CVC) , according to published media reports.
Cablevision of Bethpage N.Y. could announce as early as Monday a $1.36 billion acquisition of Bresnan, according to a report published by
The Wall Street Journal
on its Web site Sunday. The report cited people familiar with the situation.
According to another report Sunday, by the
Associated Press
, Cablevision is among a group of cable powerhouses vying for Bresnan, which is based in Purchase, N.Y. but operates in the western U.S.
Other bidders include
Charter Communications
,
Ascent Media
(ASCMA)
and
TheStreet Recommends
Time Warner Cable
(TWC)
, according to the
AP
report, which cited one source familiar with the situation. Time Warner's offer did not make it past the first round, however, the report added.
Bresnan is privately held and is the 17th largest subscription television provider, the
AP
noted. Providence Equity Partners is its majority owner.
Cablevision, Charter and Time Warner Cable declined to comment, while Providence and Ascent did not immediately respond to requests for comment, according to the
AP
.
Shares of Cablevision closed Friday up 3 cents at $23.40, while Time Warner Cable stock ended the session up 31 cents at $53.57. Ascent Media's Class A shares finished up 31 cents at $27.27.
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This article was written by a staff member of TheStreet.com.
