D.C. Memo: Look for More Muni Broadband Sales - Analyst
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Muni: In the past month, Comcast and Charter made headlines with the acquisition of city-owned cable TV/broadband properties. And Charter is closing in on a second. “Municipal network builds have become more common over the past several years, and we don't think the majority of the municipalities have much expertise operating a broadband business, which could provide an attractive opportunity for M&A,” said KeyBanc analyst Brandon Nispel in a client memo Friday. Comcast is paying $8 million to buy CityNet Services from the City of San Bruno, Calif., which owned and operated the property since 1971. Charter is paying $49.5 million for the cableTV/broadband system in Bardstown, Ky., after decades of municipal ownership. “While we don't view this as material to our estimates for Charter, we're mindful that it should be modestly beneficial to net adds once the transaction closes. In addition, we'll be curious to watch if more municipal networks are ultimately sold to larger operators,” Nispel said. Charter, meanwhile, seems to be close to paying $5 million for the communications network owned by Norway, Mich., on the Upper Peninsula. As of late 2023, Norway (pop. 2,800) had 723 cable TV subscribers, 1,349 on broadband plans, and 350 phone users. The deal was discussed in the agenda at Norway’s April 2 City Council meeting.
Special Report: Five Questions for ... Sen. Steve Rawlings, Kentucky Republican
Intro: Sen. Steve Rawlings (R-Burlington) serves Kentucky’s 11th Senate District. He sponsored SB 84, which became law on March 27 over the veto of Gov. Andy Beshear (D). The law abolished Chevron deference in the Kentucky court system.
Policyband asked Rawlings to discuss his new law in the following Q&A:
1. What got you started on SB 84 – the Supreme Court’s decision in Loper Bright Enterprises v. Raimondo?
The Supreme Court’s decision to overturn Chevron deference in Loper Bright Enterprises v. Raimondo reaffirmed that courts, not agencies, are responsible for interpreting laws.
Click here to see full interview.
