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Article Excerpt
In the wake of the mid-November completion of Comcast Corp.'s $47.5 billion acquisition of AT&T Broadband, cable operators and dealmakers have been eyeing the other players in the industry to see what efficiencies can be wrung out by further consolidation.
Comcast, the nation's third-largest cable company, combined with AT&T Broadband, the largest cable operator, to form a cable giant with more than 21.4 million subscribers in 41 states. The new Comcast, formerly named AT&T Comcast, will control 29% of the market and have almost twice as many customers as Time Warner Cable, the No. 2 cable company with about 12.9 million subscribers.
Asset swaps are projected
In order to compete with these two giants, there will be at least some shuffling of assets by the other cable companies, though one industry follower, Robert Nicolson, a principal at Spectrum Equity Partners, believes that deals will be motivated by a new rationale going forward. "Nobody at this state is going to do acquisitions just for the sake of getting customers. Return on capital will be the metric that will influence...
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