Time Warner Cable announced today that it has completed the sale of cable systems – with approximately 14,300 basic video subscribers – located in the Charlotte, N.C., area.
The subscribers are based in Mecklenburg County, and in the towns of Mooresville, Davidson and Cornelius. Those four entities formed MI-Connection Communications System, which TWC sold the systems to for $51 million.
MI-Connection Communications System, representing local governments in Mecklenburg and Iredell counties, exercised its right of first refusal under local franchise agreements after TWC acquired the cable systems from Adelphia Communications Corp. last year. Two other municipalities, which had similar rights of first refusal in their original Adelphia franchise agreements, opted not to acquire systems under their jurisdiction.
TWC continues to be the largest cable provider in North Carolina. At the end of September, the MSO served more than 446,000 basic cable subscribers in the Charlotte area, including subscribers now being transferred to MI-Connection.