You could say RCN is at home in the big city. The company operates cable-based broadband networks that serve the Boston, Chicago, and New York City areas, as well as eastern Pennsylvania and Washington, DC. A facilities-based competitive carrier (its fiber network spans 10,000 miles), it offers cable television, Internet, local and long-distance phone, and VoIP services to about 400,000 residential and small business customers. In addition to providing basic and digital cable TV services, RCN offers video on demand and HDTV. The company also provides wholesale data transport services to large enterprises and communications carriers through its Sidera Networks division. ABRY Partners took RCN private in 2010.
The investment firm paid about $536 million in cash, plus assumed around $730 million in debt, in a transaction valued at approximately $1.2 billion. Following the acquisition, the trade name of RCN's enterprise business, Neon Communications, was changed from RCN Metro Optical Networks to Sidera Networks to make it a more distinctly different brand.
Prior to the acquisition, RCN divested some of its assets in order to free itself of debt and focus on its core large-sized markets in the eastern and midwestern US. As part of its restructuring initiative, the company exited markets in California and Mexico. – less