Mediacom Communications announced today it has entered into a definitive merger agreement with Rocco Commisso, the founder, Chairman and CEO of Mediacom, and an entity created by Commisso. Upon consummation of the merger, all of the outstanding shares of Mediacom common stock not owned by Commisso will convert into $8.75 per share in cash.
 
The transaction results from extensive negotiations between Commisso and a special committee of independent directors of Mediacom formed in response to a "going private" proposal made on May 31, 2010 by Commisso to acquire all publicly held shares of Mediacom common stock for $6.00 per share. The final price of $8.75 per share represents a 46 percent premium above Commisso’s original offer.

The merger is conditioned on a "majority of the minority" voting provision, which requires approval by holders of a majority of Mediacom’s outstanding Class A shares not held by Commisso, his affiliates and immediate family, or Mediacom’s directors and executive officers. The transaction is also subject to other customary closing conditions, the receipt of sufficient funds to pay the merger consideration and transaction costs pursuant to existing credit facilities of subsidiaries of Mediacom and is expected to be completed in the first half of 2011.

Mediacom Communications is the nation’s eighth largest cable TV company and has a significant concentration in the Midwestern and Southeastern regions.

The Daily

Subscribe

Editor’s Note

Nominations are due July 16 for Cablefax: The Magazine’s annual Diversity List issue. In addition to recognizing the top multi-ethinic execs in the industry, Cablefax will honor a D&I Mentor of the Year, LGBTQ+ Executives of the Year along with Thrivers Under 30. Enter today at CablefaxDiversity.com. — Missed Cablefax’s virtual FAXIES celebration last week […]

Read the Full Issue
The Skinny is delivered on Tuesday and focuses on the cable profession. You'll stay in the know on the headlines, topics and special issues you value most. Sign Up

Calendar

Jul 16
Diversity List – 2021 Nominations Due: July 16, 2021
Sep 10
Most Powerful Women – 2021 Nominations Due: Sept 10, 2021
Dec 7
Most Powerful Women CelebrationSave the Date!
Full Calendar

Jobs

Seeking an INDUSTRY JOB?
VIEW JOBS

Hiring? In conjunction with our sister brand, Cynopsis, we are offering hiring managers a deep pool of media-savvy, skilled candidates at a range of experience levels and sectors, The result will be an even more robust industry job board, to help both employers and job seekers.

Contact John@cynopsis.com for more information.