Mediacom Communications Corp. will pay investors $10.2 million to settle a lawsuit that challenged a buyout from CEO Rocco Commisso. The Mediacom founder -- a former banker who had offered to buy 60 percent of the company's shares that he didn't own for $8.75 each -- also must sweeten the deal by 25 cents per share. (See CEO Offers $600M for Mediacom.)
Top U.K. cabler Virgin Media Inc. (Nasdaq: VMED) expanded its 100Mbit/s downstream EuroDocsis 3.0 service to 4 million homes, and says it's on track to extend it to 13 million homes by mid-2012.
Cablevision Systems Corp. (NYSE: CVC) CFO Michael Huseby resigned. The MSO said EVP Gregg Seibert will add CFO duties to his job overseeing its treasury, investor relations and business development activities.
ESPN is using Motorola Mobility LLC gear to upgrade all programming on its flagship network and ESPN2 to MPEG-4 format. The gear will also help it deliver programming in 1080p60 HD and 3D formats.
— Steve Donohue, Special to Light Reading Cable, and Jeff Baumgartner, Site Editor, Light Reading Cable