Business/Finance

Pali’s Richard Greenfield has lowered to ‘sell’ his rating on Mediacom, citing a belief that the MSO’s second half of ’07 “is progressing below management’s guidance,” and that it’s “struggling with increased levels of bad debt expense related to their telephony business.” Also weighing negatively on MCCC, he believes, is a limited chance of takeover given current debt market weakness and its refusal to carry Big Ten Net. Mediacom shares closed Mon at $6.86, down 2.83%. — Alaskan MSO GCI agreed to acquire for $40mln 2 telecom subsidiaries of United Companies, which together provide local phone service to 60 rural state communities. — Hearst ceased its $600 million tender offer for all the Hearst- Argyle TV shares it does not own because the offer expired.