Knology surges 12% on report of sale
Shares in cable overbuilder Knology (Nasdaq: KNOL) jumped 12 percent Tuesday, the day after The Wall Street Journal reported that the company was talking to private equity firms about a potential sale.
Knology, which last fall recruited the general manager of Comcast's (Nasdaq: CMCSA) system in Augusta, Ga., to run its operation there, counted 256,653 video subscribers at the end of the fourth quarter. It picked up just 1,262 video subscribers during the fourth quarter.
Knology also counts 261,562 high-speed Internet subscribers and 276,607 telephone customers. The company operates systems in Georgia, Alabama, Florida, Iowa, Kansas and Tennessee.
Shares in Knology continued to trade higher Wednesday, following the report of the potential sale. Knology stock was trading at $17.65 at 1 p.m. ET Wednesday, up 18 cents, or 1.05 percent.
- WSJ has this story