RCN to Sell San Francisco Assets to Astound Broadband for $45 Million

San Francisco -- RCN, a Virginia-based provider of cable TV, high-speed Internet and phone services, said on Friday that it has reached a deal to sell its San Francisco assets to Astound Broadband for $45 million in cash. Astound, a unit of Kirkland, Wash.-based Wave Broadband, currently offers broadband services to 55,000 video, data and phone customers in Concord and Walnut Creek, Calif. RCN's San Francisco operations will add about  18,000 customers to that total. "By divesting San Francisco, our primary property on the west coast, we can now focus our financial and operational resources fully on our core Northeast Corridor and Chicago region," said Peter Aquino, the president and CEO of RCN. The deal is expected to close early next year.
http://investor.rcn.com/ReleaseDetail.cfm?ReleaseID=207795