TMCnet News
MCG Capital to get $50.4M from broadband unit sale(Associated Press Via Acquire Media NewsEdge) ARLINGTON, Va. -- MCG Capital Corp. will sell its business which provides cable TV, high speed internet, and digital phone service in Indiana and Illinois to Telecommunications Management LLC, the company said Wednesday. MCG currently owns a majority stake in Avenue Broadband LLC. MCG said the deal will close in March, and it expects $50.4 million from the sale. Telecommunications Management is a subsidiary of NewWave Communications LLC, a communications services company that offers video, voice and high speed data in Missouri, Tennessee, Kentucky, Illinois, Indiana, and Arkansas. Shares of MCG Capital rose 15 cents, or 2.1 percent, to $7.37 in afternoon trading. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |