Comcast buying Patriot Media

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NEW YORK -- Comcast Corp. has agreed to acquire the cable systems of privately held Patriot Media & Communications, which serves about 81,000 video subscribers, for about $483 million in cash.

Cable veteran Steven Simmons, Spectrum Equity Investors and Spire Capital own the company.

In the deal, Comcast will acquire cable systems in central New Jersey including Princeton, which are contiguous to Comcast markets.

The companies expect the transaction to close in the third quarter.

"Patriot Media systems are fully upgraded, have superior demographics, strong penetration of advanced products and best of all they geographically complement our systems in New Jersey," said Stephen Burke, Comcast COO and Comcast Cable president.

"We are very proud of the many things we have accomplished allowing our Central New Jersey customers to receive a superior television, high speed modem and digital telephone service," said Patriot chairman and CEO Simmons.
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