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Groton sells costly city-owned cable TV provider
Updated: Tuesday, 20 Nov 2012, 7:18 AM EST
Published : Tuesday, 20 Nov 2012, 7:17 AM EST
Groton sells costly city-owned cable TV provider
GROTON, Conn. (AP) — The city of Groton has learned the hard way that operating a cable TV company is costly and it's getting out of the business.
The Day of New London reports that the city announced on Monday the sale of Thames Valley Communications for $150,000 to a private investment management firm. The company cost the city about $28 million.
It was launched in 2004 as a subsidiary of Groton Utilities, Connecticut's first municipality-owned cable provider.
The cable company was intended to give customers another choice in the television and Internet market.
But the company lost $2.5 million in the most recent fiscal year. Paul Yatcko, the director of Groton Utilities, said technological advances and increasing competition have made it hard to operate the company and spur growth.
It competes with Comcast and several satellite TV providers.
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Information from: The Day
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