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Times Wire Services

Media: Gaylord Entertainment Co. said it will sell its cable television systems, including operations in Southern California, for $370 million to a joint venture between Charter Communications Inc. and Kelso & Co. The systems serve about 180,000 subscribers in Southern California, North Carolina and South Carolina. Gaylord Entertainment, headed by President and CEO E.W. Wendell, said the purchase price includes $200 million in cash and a $170-million promissory note. The deal is expected to close in the second quarter. Gaylord will also receive the right to some of the proceeds from any future sale of a newly formed joint venture that will be managed by Charter. In that venture, 164,000 subscribers from Gaylord’s California systems will be combined with about 206,000 subscribers in Connecticut and Missouri that are currently owned or being acquired by Charter and Kelso. Gaylord is based in Nashville, Tenn., and operates television and radio stations, cable TV networks, the Grand Ole Opry and other businesses. Charter Communications, based in St. Louis, will manage cable systems for about 850,000 subscribers after the Gaylord transaction. Kelso is a New York-based merchant bank.

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