(Mediacom Buyout article updated with the stock's new 52-week high.)

NEW YORK (

TheStreet

) --

Mediacom Communications

(MCCC)

hit a 52-week high today after it announced that founder, chairman and CEO, Rocco Commisso will take the company private through a $600 million deal.

Mediacom shares spiked almost 25% to reach an annual high of $8.53 this morning. Over 7.8 million shares have traded hands today compared with the stock's average 3-month volume of about 376,000.

According to the agreement, Commisso will acquire the cable television company's outstanding shares at $8.75 a piece. This is up 46% from his offer to take the company private at $6 per share in his initial May 31 proposal.

Commisso has been

looking to take the company private for months

, but the board

held off for a higher offer

.

The deal is expected to be completed in the first half of 2011.

-- Written by Theresa McCabe in Boston.

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