NEW YORK, March 21 (Reuters) - A group including
DigitalBridge ( DBRG/PJ ) and Crestview Partners is attempting to
clinch a deal to acquire WideOpenWest ( WOW ), in what would cap
a year-long effort to take the broadband and cable services
provider private, according to people familiar with the matter.
The deliberations between the bidding group and WideOpenWest ( WOW )
have progressed in recent weeks and a deal could come together
in the coming weeks, if the talks don't hit a snag, the sources
said, requesting anonymity as the discussions are confidential.
The two sides are yet to agree on all the terms and it's
possible that no deal will be signed, the sources added. The
latest offer price could not be learned.
In May, WideOpenWest ( WOW ) received a non-binding offer worth
about $406 million from DigitalBridge ( DBRG/PJ ) and Crestview, which
currently holds a 37% stake in the company. The offer
represented a 32% premium over the company's closing price on
May 1.
WideOpenWest's ( WOW ) shares were trading at $4.85 on Friday, close
to the offer price from the DigitalBridge ( DBRG/PJ )-led group.
On its post-earnings call in August, Chief Executive Teresa
Elder said that the offer was being reviewed by a special
committee of independent directors.
WideOpenWest ( WOW ), Crestview, and DigitalBridge ( DBRG/PJ ) declined to
comment.
Englewood, Colorado-based WideOpenWest ( WOW ) provides broadband
and cable services to nearly 2 million residential customers and
businesses in 19 states across the Midwest and Southeast, making
it one of the largest cable operators in the United States.
In October, the company struck a deal with lenders to raise
about $200 million and restructure its debt. As of Dec. 31, the
company held roughly $1.02 billion of long-term debt.