Comcast Snaps Up Patriot Media

The move will boost the Philadelphia cable giant's New Jersey presence.
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Comcast (CMCSA) - Get Report continues to bolster its turf, buying closely held Patriot Media to expand its New Jersey properties.

The Philadelphia cable giant agreed to pay $483 million in cash for a cable system that serves 81,000 customers in central New Jersey, including Somerset, Hunterdon, Morris and Mercer counties. Comcast's existing territory includes adjacent counties like Monmouth, Ocean and Trenton, as well as northwest New Jersey.

"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," Comcast Chief Operating Officer Steve Burke said in a press release.

The news comes a day after Comcast and

Insight Communications

divided a joint venture called Insight Midwest. In the deal, Comcast retains about 684,000 basic video customers in Illinois and Indiana.

"These customers are in key markets in which Comcast already has a presence," Burke said in a press release Monday.

Insight keeps about 639,000 basic video customers in Ohio, Indiana and Kentucky.

Comcast shares closed Monday at $25.74.