RCN Goes Private
5:45 PM --
ABRY Partners LLC has sealed up its purchase of RCN Corp. , a move that takes the competitive cable overbuilder private. (See ABRY Closes RCN Buy and RCN Going Private Via $1.2B Sale .)
And that's just one of the more significant changes that today brought. The new RCN is being helmed by CEO Jim Holanda, the former president of Patriot Media (now part of Comcast Corp. (Nasdaq: CMCSA, CMCSK)) and the current CEO of Choice Cable TV of Puerto Rico. He'll be running the company's residential and small business services segment.
RCN's bigger Metro unit is now led by Mike Sicoli, who was previously the company's EVP and CFO. He's now CEO of that piece of the biz.
With the dust settled on that, a company official confirmed that Peter Aquino, RCN's long-time president and CEO, "will be leaving as a result of the close."
Aquino, an RCN board member since 2004, led RCN out of bankruptcy and to its eventual fate as a privately held company. He was also a big proponent of its "Analog Crush" initiative, which cleared out spectrum for Docsis 3.0 and larger HD lineups. He was also on watch when RCN became the first US service provider to notch a deal that made TiVo Inc. (Nasdaq: TIVO)'s Flash-based Premiere box its primary DVR, with integration with the operator's legacy video-on-demand service. (See RCN Gets Docsis 3.0 Ball Rolling , RCN Makes TiVo Its Dominant DVR, and RCN's 'Analog Crush' .)
Also leaving is Richard Ramlall, RCN's SVP of strategic external affairs and programming. He sent a note to the press today noting that, with the close, he has "decided to take the opportunity to pursue a new business opportunity." Today is his last with RCN.
— Jeff Baumgartner, Site Editor, Light Reading Cable