Ex-Continental execs to buy Charter systems
By John M. Higgins -- Broadcasting & Cable, 9/4/2003 4:51:00 AM
Two former Continental Cablevision Inc. executives cut a deal to buy a package of cable systems from ailing Charter Communications Inc. for $765 million.
Atlantic Broadband LLC is run by David Keefe and Edward Holleran Jr. with backing from private-equity firm ABRY Partners LLC to win the deal.
The price comes to about $3,250 per subscriber and around 10 times Charter’s running-rate cash flow.
Daniels & Associates brokered the deal, both representing Charter and more than one year ago introducing Keefe and Holleran to ABRY.
Keefe and Holleran both worked for American Cable Systems in the 1980s, before it was acquired by Continental.
Keefe ran Continental’s Los Angeles operation until 1991, when he left for to work in a series of international ventures.
Holleran stayed at Continental and helped to start up its high-speed Internet operation, then moved to U S West Inc. and Time Warner Cable’s Road Runner unit.
The systems being sold include 51,000 subscribers in Miami Beach, Fla., and 184,000 video customers in Pennsylvania, Maryland, Delaware, New York and West Virginia.
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