RCN is officially under new management as private investment firm ABRY Partners has closed its $1.2 billion acquisition and set up a management team to run the company.
Current RCN CFO Michael Scioli has been named CEO of RCN's metro business. Former Patriot Media president and current Choice CableTV of Puerto Rico CEO Jim Holanda will oversee the service provider's high-speed Internet and voice business (previously RCN's residential and small business segment) as a standalone operation. Former Patriot Media CEO and current Choice Cable TV of Puerto Rico chairman Steven Simmons will serve as RCN's chairman.
RCN, which has in the past been somewhat limited by its financial resources, is expected to become more competitive with cable and other multichannel service providers--including those with small-medium-business data/voice offerings--in Northeast Corridor markets like Washington, D.C., New York, Boston, Philadelphia and in the Midwest in Chicago.
- see this news release
Abry partners to acquire RCN for $1.2 billion