RCN begins a new chapter this week as new parent ABRY Partners completes its $1.2 billion acquisition with a new management team and a realigned company structure.
Under the new company structure, RCN's residential and business services segments will become standalone businesses.
Jim Holanda, the former president of Patriot Media and current CEO of Choice Cable TV of Puerto Rico, will become the CEO of RCN's traditional residential and small business video, voice and data segment. Current chairman of Choice Cable TV of Puerto Rico and former Patriot Media CEO Steven J. Simmons will become the company's chairman.
Meanwhile, Mike Sicoli, the previous CEO, Executive Vice President & Chief Financial Officer of RCN Corporation, will run the RCN Metro business.
Dividing up the residential and business segments makes sense as it will enable RCN Metro to establish a greater brand identity with its increasingly-growing set of business and wholesale carrier customers. While it had been gaining prominence in the education, government, healthcare market segments, RCN Metro struggled a bit with setting itself apart from its traditional residential-focused parent.
"Separating RCN Metro will help us realize the full potential of our business through dedicated investments in our network and focused resources serving our carrier and enterprise customers," Scioli said in a release.
- see the release here
RCN officially under new management
Abry partners to acquire RCN for $1.2 billion