Time Warner Cable today announced that it entered into an agreement to sell a group of small cable systems to Windjammer Communications, a venture between MAST Capital Management, LLC and Communications Construction Services (CCS). The systems serve approximately 80,000 basic video subscribers and 120,000 revenue generating units spread across more than 125 head-ends in 25 states and located in areas outside of the Company’s core geographic clusters. The sale of these systems is not expected to have a material impact on the Company’s ongoing financial results, but Time Warner Cable’s second quarter results will reflect a pretax, non-cash loss on the sale of these systems of approximately $45 million, which will be included as a component of Operating Income.
The sale to Windjammer Communications is expected to close during the fourth quarter of 2008, subject to obtaining customary regulatory approvals.
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