Block Communications to Acquire Cable Systems in Mississippi and Alabama from Harron Communications
TOLEDO, Ohio – July 7, 2014 – PRLog – Block Communications, Inc. (“Block Communications”), a diversified media company, today announced a definitive agreement to acquire cable systems in Mississippi and Alabama (“MetroCast Systems”) from Harron Communications, L.P. (“Harron Communications”). Terms of the transaction were not disclosed.
The MetroCast Systems provide a full suite of video, high-speed internet and phone services for residential and commercial customers throughout communities in northern and central Mississippi, including Oxford and Starkville, and Alabama. As of March 31, 2014, the systems passed over 100,000 homes and served approximately 61,000 PSUs.
“This acquisition supports our cable and broadband growth strategy and enhances our geographic diversification,” said Allan Block, chairman of Block Communications. “Harron has invested a significant amount of capital over the last five years to upgrade the systems and we believe there is now a tremendous opportunity to increase penetration levels. We look forward to serving these communities and continuing to improve the services and products being offered.”
“We couldn’t be more pleased to have another family-owned, customer-oriented company who has enjoyed a long history in the communications industry like Block Communications acquire our Mississippi systems,” said James J. Bruder, Jr., Chairman and CEO of Harron Communications. “Block Communications’ commitment to its customers, employees and the communities it serves, makes us confident that the transition of ownership will be seamless for our customers.”
The transaction is expected to close in the fourth quarter of 2014, following the satisfaction of regulatory requirements and other customary closing conditions.
Moorgate Partners served as exclusive M&A advisor and Shumaker, Loop & Kendrick, LLP, Seyfarth Shaw LLP and Cinnamon Mueller LLC served as legal counsel to Block Communications. RBC Capital Markets served as exclusive M&A advisor and Morgan, Lewis & Bockius LLP served as legal counsel to Harron Communications.
About Block Communications
Block Communications is a privately held diversified media company with operations in cable television, commercial telecommunications, newspaper publishing and television broadcasting. The company owns and operates Buckeye CableSystem, its cable system serving Toledo and Erie County, Ohio, and Buckeye Telesystem, its facilities-based commercial telecommunications business serving commercial customers primarily in Northwest Ohio and Southeast Michigan. In addition, the Company publishes two daily metropolitan newspapers, the Pittsburgh Post-Gazette in Pittsburgh, Pennsylvania and The Blade in Toledo, Ohio, each of which is the dominant newspaper publication in its market. The Company also owns and operates television broadcast stations in Louisville, Kentucky; Decatur, Illinois; Lima, Ohio; and Boise, Idaho.
About Harron Communications
Harron Communication, dba MetroCast Communications, serves over 215,000 residential and business customers in more than 200 communities in new Hampshire, Maine, Connecticut, Pennsylvania, Maryland, Virginia, South Carolina, Mississippi and Alabama with Video, Internet and Phone services, as well as business-class Ethernet services. For more information, please visit Harron.com.Back to News