Back to Newsroom
Broadstripe announces definitive agreement to purchase James Cable Systems
Systems pass more than 125,000 homes in nine states;
acquisition significantly expands the Broadstripe footprint
St. Louis, MO (November 15, 2007) - Broadstripe and James Cable, LLC announced
today that a purchase and sale agreement has been signed which will result in
Broadstripe acquiring James. Broadstripe is majority owned by certain investment
funds managed by Highland Capital Management, L.P., an investment management
firm specializing in alternative investments, with approximately $38 billion
under management. Highland and certain of its investment funds have committed to
provide senior debt financing to consummate this transaction. James Cable is
majority owned by GoldenTree Asset Management L.P.
Post-acquisition, Broadstripe will be a top-20 cable Multiple System Operator
serving over 160,000 customers in 13 states. The transaction is expected to
close in the first quarter of 2008, subject to the customary closing conditions.
Terms of the transaction were not disclosed. Waller Capital served as a
financial adviser to James Cable on this transaction.
Broadstripe President and CEO Bill Shreffler expressed his enthusiasm in
concluding this agreement. "This purchase represents a valuable opportunity to
significantly grow our business, to build upon our success as a
telecommunications and entertainment company, and to provide outstanding
products to our new customers. We remain committed to investing in the
communities that we serve and continually provide excellent customer service and
state-of-the-art products in all Broadstripe markets."
About Broadstripe
Broadstripe is a multi-service entertainment and communications company serving residential and commercial customers in high growth markets. Broadstripe offers superior digital video, high-speed Internet and telephony services and is dedicated to providing outstanding customer service. Broadstripe is majority owned by certain investment funds managed by Highland Capital Management, L.P., a leading SEC registered investment adviser specializing in alternative fixed income strategies. Broadstripe is headquartered in St. Louis, MO. www.broadstripe.com