Patriot Media & Communications CNJ, L.L.C.

Description

Patriot Media & Communications CNJ, L.L.C. was formed to acquire a group of under managed cable systems in need of rebuilding serving 31 franchise territories in Central New Jersey. The Company's service area encompassed over 118,000 homes with 2,700 miles of plant. Spectrum joined with cable veteran Steve Simmons to acquire the properties, identify and hire an entire senior management team, revamp the product offering, rebuild the systems and launch new services in a turnaround. Spectrum also secured the bank financing used to partially fund the acquisition and provide working capital for the rebuild and marketing efforts. Following a re-branding of the product and the re-launch of the system's offerings the management team succeeded in developing one of the best performing cable systems in the country with industry leading revenue and Ebitda per customer. The success of the new offerings as well as the launch of several new services captured the attention of the industry and led to a sale of the system four and one half years after the original contract signing to Comcast at a price of approximately $6,000 per subscriber, one of the highest prices ever paid for a cable system.

Headquarters: Greenwich, CT USA
Web Site: www.patmedia.net