WaveDivision says it won't use $1B in funding to overbuild cable operators

While Wave Broadband competes head-to-head with Comcast (Nasdaq: CMCSA) in San Francisco, the company said it doesn't plan to use $1 billion in new funding to overbuild other cable operators.

"We have no immediate plans to expand into other areas," Jody Veeder, a spokeswoman for Wave parent company WaveDivision holdings, told FierceCable Thursday.

Wave said this week that it has raised nearly $1 billion in funding, including equity investments from Oak Hill Capital Partners and GI Partners. The company, which counts about 400,000 residential and business customers, announced last week that it had recruited former executives from Cox Communications and Insight Communications to help it expand.

Veeder said Wave is focused on expanding its fiber network and its commercial services operation, rather than building new cable plant.

For more:
- see the release

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