Zito Media, the Coudersport, Pa.-based cable company owned by James Rigas, closed on its acquisition of Galaxy Cable on Tuesday for an undisclosed sum.
Galaxy, which filed for Chapter 11 bankruptcy protection in 2001, has been in liquidation mode since 2003 when its new owners, distressed debt invester Cerberus Partners began selling off systems. The Zito transaction was the last Galaxy property to be sold.
Zito announced its intention to purchase Galaxy in May. New York-based cable investment banker Waller Capital was the exclusive adviser to the seller.
The Galaxy systems passed about 55,000 homes and served about 19,000 revenue generating units in Kentucky, Illinois, Nebraska, Kansas and Texas. With this deal, Zito now has about 35,000 subscribers in 11 states.
