September 9, 2008
Mediacom Communications Corporation announces agreement to repurchase all of Mediacom's Class A common stock owned by Shivers Investments LLC, an affiliate of Morris Communications Company, LLC.
On September 8, Mediacom Communications Corporation announced that it entered into a definitive agreement to repurchase all of Mediacom’s Class A common stock owned by Shivers Investments LLC, an affiliate of Morris Communications Company, LLC. Willkie advised a special committee of independent directors appointed by Mediacom’s Board of Directors to evaluate the terms of the transaction. The deal calls for Shivers to exchange 28,309,674 Mediacom shares for 100% of the shares of stock of a newly created subsidiary of Mediacom, which will hold cable television systems currently owned by Mediacom serving approximately 25,000 basic subscribers and $110 million in cash. Mediacom Communications is the nation’s eighth largest cable television company and one of the leading cable operators focused on serving the smaller cities and towns in the United States. The deal was handled by partners Steven Seidman, Henry Cohn, William Dye, and Thomas Jones; special counsel Michael Jones; and associates Robert Langdon, Dalia Al-Sayeh and Benjamin Thompson.
