Subsequent Event

9 Months Ended

Sep. 30, 2021

Subsequent Event

Subsequent Event

Note 14. Subsequent Events

On June 30, 2021, the Company entered into an Asset Purchase Agreement with Astound Broadband, whereby Astound Broadband agreed to acquire the Company’s Chicago, Illinois, Evansville, Indiana and Baltimore, Maryland markets for approximately $661 million. Refer to Note 1 – General Information for a discussion of the Company’s discontinued operations. The transaction closed on November 1, 2021, and as a result of which the Company received net proceeds of $653.5 million. The Company utilized approximately $397.0 million of net proceeds to repay its long-term debt.

In connection with the closing of the Astound Purchase Agreement, the Company and Astound Broadband entered into a one year Transition Services Agreement (“Astound TSA”) in which the Company will provide certain transition services to Astound Broadband. The services to be provided under the Astound TSA relate primarily to information technology, network, sales and business support services.