The nation’s seventh largest cable operator wants to go priviate, Multichannel News reports.

The seventh largest cable MSO is Mediacom Communications, which serves 1.3 million subscribers.

The article says that Mediacom founder and chairman Rocco Commisso "who took the operator public in 1999, currently owns 40% of its equity and 87% of its vote. The $6 per share offer represents a 13% premium to Mediacom ‘s share price as of May 28. With about 68.1 million shares outstanding, that makes the offer worth about $408.6 million."

Furthermore, the article states that since Commisso does not want to share his controlling interest in Mediacom that "essentially takes any future competing offers off the table."