Private equity firm TPG is exploring a sale of Astound that could value the owner of a U.S. network of regional cable TV and internet providers at more than $8 billion, including debt, Reuters reported.
The potential sale would come as cable operators have seen their fortunes buoyed by consumers requiring more internet bandwidth, as they stay home to work and be entertained during the COVID-19 pandemic.
TPG has hired Morgan Stanley and JPMorgan Chase & Co to advise on the sale process, the report said.
RCN Telecom Services, a division of Astound, did not immediately respond to a request for comment.
Astound’s network includes RCN, Grande Communications Networks and Wave Broadband. TPG acquired RCN and Grande for $2.25 billion in 2016 and a year later bought Wave Broadband in a $2.37 billion deal.
Astound’s businesses serve parts of California, Chicago, Massachusetts, New York City, Oregon, Pennsylvania, Texas and Washington.
Rival broadband provider Charter Communications earlier this month reported second-quarter profit that more than doubled.
AT&T has also been looking to capitalize on private equity interest in the sector. It has been making renewed efforts this year to divest its satellite TV business DirecTV and had talks with buyout firms about a potential deal.