(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.

>To contact the writer of this article, click here: Theresa McCabe.

>To follow the writer on Twitter, go to @TheresaMcCabe.

>To submit a news tip, send an email to: tips@thestreet.com.
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.