Rogers to Sell Off Cable TV Outlets
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Rogers Communications said it has decided to sell all of its U.S. cable TV holdings, including systems serving six county communities, to reduce corporate debt that exceeds $1 billion.
Toronto-based Rogers serves about 73,000 subscribers in Huntington Beach, Westminster, Fountain Valley, Stanton, Garden Grove, Los Alamitos and Rossmoor. The company sold its Los Angeles County systems last year.
Rogers--which owns Canadian cable systems, broadcasting and cellular radio holdings--built up its debt in the last 18 months when it repurchased stock to reduce foreign ownership to comply with Canadian law.
The company said it has retained the investment banking firm of Morgan Stanley to assist in the sale.
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