A group that includes DigitalBridge and Crestview Partners is working to acquire WideOpenWest, marking the culmination of a year-long effort to take the broadband and cable services provider private. Recent developments in negotiations have advanced, and a deal could materialize in the coming weeks if discussions proceed smoothly.
The parties have yet to finalize all terms, and there remains a possibility that no agreement will be reached. The precise offer price has not been disclosed.
Earlier this year, WideOpenWest received a non-binding offer of approximately $406 million from DigitalBridge and Crestview, which currently holds a 37% stake in the company. This offer represented a 32% premium over the company's closing price on May 1.
As of Friday, WideOpenWest's shares were trading at $4.85, aligning closely with the offer from the DigitalBridge-led group. During a post-earnings call in August, CEO Teresa Elder stated that the offer was under review by a special committee of independent directors.
WideOpenWest provides broadband and cable services to nearly 2 million residential customers and businesses across 19 states in the Midwest and Southeast, positioning it as one of the largest cable operators in the United States.
In October, the company secured a deal with lenders to raise about $200 million and restructure its debt. As of December 31, WideOpenWest reported approximately $1.02 billion in long-term debt.