Hargray Communications Group is reported to be up for sale. The company is said to be entertaining bids in an ongoing auction.
The possible sale was first reported by The Wall Street Journal (subscription required). The WSJ said that the Quadrangle Group, which bought Hargray in 2007 for an undisclosed sum, is hoping to get $400 million for the company.
Cablevision agreed just weeks ago to purchase Bresnan Communications for about $1.36 billion. Divided by 308,000 subscribers, Cablevision will pay about $4,415 per subscriber. At that price, Cablevision was believed to have paid a premium. Quadrangle was a part owner of Bresnan.
Hargray has about 30,000 customers in South Carolina and Georgia. Using a similar figure of merit from the Cablevision/Bresnan deal – $4,000 per subscriber – Hargray might be worth about $120 million.
Inquiries to Hargray were not returned by presstime.
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More Broadband Direct 7/09/10: |
| • In the media: Hargray up for sale |
| • Apple Approves Fring 3G Video Calling |
| • Ericsson: India, China Push Global Subs to 5B |
