PHILADELPHIA, June 13 (Reuters) - Cablevision Systems Corp plans to buy Bresnan Communications, majority-owned by private equity firm Providence Equity Partners, for $1.3 billion, a source familiar with the situation said on Sunday.
The deal is expected to announced on Monday, said the source, who declined to be identified because they were not authorized to speak with the media.
Bresnan, Cablevision and Providence could not be immediately reached for a comment.
Bresnan, which was founded in 1984, provides communications services such as high-speed Internet access, high-definition television, video on demand, and digital telephone service to residential and business customers.
Bresnan serves more than 320,000 customers in Colorado, Montana, Wyoming and Utah, according to its website. The company's auction follows last year's death of founder William Bresnan.
(Reporting by Jessica Hall, editing by Maureen Bavdek)
((For more M&A news and our DealZone blog, go to http://www.reuters.com/investing/news/mergers)) Keywords: CABLEVISION BRESNAN/ (jessica.hall@thomsonreuters.com; 215-922-1086; Reuters Messaging: jessica.hall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The deal is expected to announced on Monday, said the source, who declined to be identified because they were not authorized to speak with the media.
Bresnan, Cablevision and Providence could not be immediately reached for a comment.
Bresnan, which was founded in 1984, provides communications services such as high-speed Internet access, high-definition television, video on demand, and digital telephone service to residential and business customers.
Bresnan serves more than 320,000 customers in Colorado, Montana, Wyoming and Utah, according to its website. The company's auction follows last year's death of founder William Bresnan.
(Reporting by Jessica Hall, editing by Maureen Bavdek)
((For more M&A news and our DealZone blog, go to http://www.reuters.com/investing/news/mergers)) Keywords: CABLEVISION BRESNAN/ (jessica.hall@thomsonreuters.com; 215-922-1086; Reuters Messaging: jessica.hall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.