On May 22, 2017, RCN Corporation, Wave Broadband, and Grande Communications announced the combination of the three companies to create the sixth largest cable operator across seven of the 10 top US cities. In a separate transaction, TPG is buying Grande Communications Networks for $650 million, combining the two regional companies into a "top 10" cable player whose most valuable asset is likely its broadband network. On August 15, 2016, the Chicago Tribune reported that TPG, a Texas-based private equity firm, has agreed to buy RCN Telecom Services for $1.6 billion, giving it control of one of Chicago's largest cable providers, the company announced Monday. On September 13, 2006, Bloomberg News, citing two anonymous sources, reported that RCN hired the Blackstone Group to examine the possibility of putting the company up for sale. On August 18, 2006, RCN announced it was selling its San Francisco operations, representing 18,000 subscribers, to Astound Broadband for $45 million. On March 20, 2006, RCN bought Consolidated Edison Communications Holding Co., a subsidiary of Consolidated Edison, for $32 million and $7 million in working capital. The owners of Patriot Media were later tapped to oversee RCN and Grande under ABRY Partners as Patriot Media Consulting. ![]() In 2004, its New Jersey systems were spun off to a new company, Patriot Media, which was subsequently sold to Comcast in 2007. On JRCN paid $13.4 million in stock and $2.4 million in cash for Javanet, Inc. On June 16, 1998, RCN paid $11 million in stock and $871,000 in cash for Interport Communications, Inc. On January 21, 1998, RCN paid $110.5M for UltraNet in Massachusetts and Erol's in Virginia. In 1996, RCN bought much of C-TEC Corporation. With the transition, the company was able to use the entire spectrum for digital and high-definition television broadcasting, reducing the need to compress signals.ĪBRY Partners, a private equity firm, acquired RCN Corporation for $1.2 billion in 2010. In early February 2009, RCN converted to an all-digital network. In 2004, RCN declared Chapter 11 Bankruptcy and on December 21, 2004, the court canceled all outstanding shares of RCN stock traded under the "RCNC" and "RCNCQ" symbols. In Washington, D.C., they formed a 50/50 joint venture with local power company Pepco named StarPower Communications in 1999 they bought out Pepco's stake in 2004, and rebranded StarPower systems to the RCN name. In Chicago, it bought into the market by acquiring overbuilder 21st Century Telecom. On the West Coast, it purchased existing ISPs DNAI and Brainstorm. It purchased existing US East Coast ISPs Erol's Internet, UltraNet Communications, Interport, and JavaNet. RCN featured "triple play" (television, internet, and telephone) service though for some time its voice operations were largely resold incumbent telephone company lines. Most of its systems were partnerships with power companies, which provided rights-of-way on poles. ![]() RCN then began its growth as a cable TV overbuilder, constructing competitor cable systems in markets that already had cable service. RCN/C-TEC became a competitive local exchange carrier (CLEC) when the Telecom Act of 1996 passed. In a series of moves, RCN purchased C-TEC, the parent of Pennsylvania's Commonwealth Telephone, while MFS spun off its small residential telephone operations to RCN. Kiewit also owned MFS, a Competitive Access Provider (CAP). RCN (Residential Communications Network) was originally created in 1993 by developer David McCourt and Peter Kiewit Sons' Inc. RCN served in or around the following locations: Allentown, Boston, Chicago (limited coverage), New York City, Philadelphia and Washington, D.C. Its operations, as well as sister companies Grande Communications, and Wave Broadband are handled under affiliate Patriot Media Consulting. As of 2013 RCN's network offered coverage to approximately 3.8 million people, making it the 11th largest provider of cable Internet access in the U.S. areas.Īs of 2006, RCN claimed over 424,000 domestic customers and 130 cable franchises. ![]() ![]() RCN Corporation, originally Residential Communications Network, founded in 1993 and based in Princeton, New Jersey, was the first American facilities-based ("overbuild") provider of bundled telephone, cable television, and internet service delivered over its own fiber-optic local network as well as dialup and DSL Internet service to consumers in the Boston, Chicago, Los Angeles, New York City, the Lehigh Valley in eastern Pennsylvania, and Washington, D.C.
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