Due to changes in corporate and family circumstances Susquehanna Pfaltzgraff has agreed to sell its cable TV and broadband services division, Susquehanna Communications, to Comcast, which already owned 30 percent of the company.
The total deal is worth approximately $775 million and will result in Comcast consolidating the operations of SusCom for a net cash investment of $540 million or $440 million after taking into account certain tax benefits. The companies expect to close the deal in the first half of 2006.
Comcast has approximately 21.4 million cable customers, 7.7 million high-speed Internet customers and 1.2 million voice customers and the company is highly involved in the development of broadband cable networks and investments including PBS Kids Sprout, TV One, four regional Comcast SportNets, among others. SusCom serves approximately 225,000 basic cable subscribers in the Pennsylvania, New York, Maine and Mississippi areas.
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