Wometco Cable Bought by Bass Group For $625 Million Cash
Oct. 21, 1986
MIAMI (AP) _ Wometco Cable TV Inc., which provides cable service to about 350,000 subscribers in several states, on Tuesday said it has agreed to be sold to a group led by the Robert M. Bass Group Inc. for $625 million cash.
The Bass Group acquisition is a joint venture that includes Taft Broadcasting Co. and certain members of Wometco Cable's current management.
Completion of the transaction is subject to regulatory approval by the Federal Communications Commission and several cable franchising authorities, the two companies said in a joint statement.
The sale closing is expected in December.
Wometco Cable serves 350,000 subscribers in Alabama, Georgia, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina and West Virginia. The company is owned by a group of investors organized by Kohlberg Kravis Roberts & Co. of New York.