Cablevision Systems Corp., John Malone, and Suddenlink Communications are among seven bidders vying for cable and broadband provider Bresnan Communications, reports Bloomberg News. (The story was first reported by The Wall Street Journal, which is firewall protected.)
Bresnan provides cable services in several Western states, including Utah and Colorado, and is 30 percent owned by Comcast Corp. [It’s estimated that Bresnan has just over 300,000 subscribers.] Well-known cable pioneer Bill Bresnan, the namesake of Bresnan Communications, died in November, 2009.
The bid for Bresnan Communications involving Malone is through Ascent Media; Malone owns about 30% of the voting shares of Ascent, the article says.
At least one private-equity firm is also participating in the bidding, the article said.
Also, according to the story, Bill Bresnan had repurchased the company in 2003 for $525 million with backing from Providence Equity Partners Inc.