Down 68% from its initial public offering just four months ago, MSO Mediacom is spending part of the money it raised to buy back its own stock.
Mediacom said it planned to buy back up to $50 million worth of its own shares, seeing the shares as undervalued and, hence, a good use of the company's cash.
"I didn't cause the stock go down, the market conditions did," said Mediacom Chairman Rocco Commisso. "Any investor should view the buy-back as a positive development."
Commisso said it will not divert any cash from planned upgrades of its small-town systems.