Company Overview - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team operates from key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Expertise and Focus Areas - The company specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - Proactive delivers news and insights across various sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized as a forward-looking technology adopter, utilizing automation and software tools, including generative AI, to enhance workflows [4][5] - All content published by Proactive is edited and authored by humans, ensuring adherence to best practices in content production and search engine optimization [5]

Core Insights - WideOpenWest (WOW!) has appointed a new senior leadership team following its acquisition by DigitalBridge Group and Crestview Partners, aimed at transforming the company and enhancing customer experience [1][2][3] Leadership Appointments - Frank van der Post has been appointed as the new CEO, previously leading Cogeco's U.S. fiber-broadband business [3] - Patrick Bratton is the new Chief Financial Officer, overseeing finance, accounting, and tax teams, with over 20 years of experience in the industry [4] - Aaron Brace has been appointed as Chief Technology and Information Officer, leading network and IT infrastructure, with extensive experience in system design and support [4] - Courtland Madock is the Chief Commercial Officer, responsible for brand, marketing, and sales functions, with a strong background in telecom marketing [4] - Heather McCallion is the Chief Experience Officer, focusing on customer experience and business transformation initiatives [4] - Roger Seiken continues as Senior Vice President and General Counsel, overseeing legal and regulatory affairs [4] - Kristine DiFiore is the Senior Vice President of Human Resources, leading HR functions and organizational growth [4] Investment Plans - DigitalBridge and Crestview plan to invest in expanding and upgrading WOW!'s networks, adopting new technologies, and ensuring resources for delivering reliable internet service and high-quality customer experience [5] Company Overview - WOW! is a leading broadband provider, serving nearly 2 million consumers across 20 markets, primarily in the Midwest and Southeast [6] - The company offers a range of services including high-speed internet, TV, home phone, mobile phone, and cloud services, and has been recognized for its exceptional human resources practices [6]

Industry Overview - The Zacks Cable Television industry is adapting to challenges from cord-cutting by focusing on bundled offerings and on-demand programming to remain relevant in the evolving media landscape [1] - Companies in this industry provide integrated data, video, and voice services, requiring significant investment in infrastructure and compliance with regulations [2] Trends Impacting the Industry - The shift towards skinny bundles and original content is driving growth, as cable companies adapt to consumer preferences for digital and subscription services [3] - High demand for high-speed internet is a key catalyst for growth, with trends like remote work and online learning boosting internet usage [4] - The industry faces challenges from cord-cutting and rising programming costs, making it difficult for traditional companies to maintain profitability [5] Advertising and Market Performance - Softness in advertising demand due to inflation and competition from digital marketing is impeding business growth for cable companies [6] - The Zacks Cable Television industry has underperformed compared to the broader Consumer Discretionary sector and the S&P 500, declining 41.3% over the past year [11] Valuation Metrics - The industry is currently trading at an EV/EBITDA ratio of 6.3X, significantly lower than the S&P 500's 18.25X and the sector's 10.17X [14] Company Highlights - Naspers, with a 26% stake in Tencent, is positioned for near-term upside due to regulatory support and a focus on operational efficiency, with shares up 52.1% year-to-date [17][18] - WideOpenWest is focusing on fiber network expansion and operational improvements, with shares returning 3.8% year-to-date, although its loss estimate for 2025 has widened [21][22]

Core Viewpoint - Wohl & Fruchter LLP has renewed its investigation into the fairness of the proposed sale of WideOpenWest, Inc. (WOW) to DigitalBridge Group and Crestview Partners for $5.20 per share in cash [1] Group 1: Shareholder Dynamics - Crestview Partners is the largest shareholder of WOW, owning approximately 37% of the common stock and has agreed to roll over its equity into the post-close entity, which is not available to public stockholders [2] - The sale was approved based on the recommendation of a purportedly independent special committee of WOW's board, indicating potential conflicts of interest [2] Group 2: Legal Proceedings - On October 27, 2025, WOW filed a definitive proxy with the SEC regarding the proposed sale, prompting the renewal of the investigation by Wohl & Fruchter LLP [3] - Shareholders concerned about the fairness of the sale price are encouraged to contact Wohl & Fruchter LLP for legal discussions at no charge [3] Group 3: Firm Background - Wohl & Fruchter LLP has over a decade of experience representing investors in litigation related to fraud and corporate misconduct, recovering hundreds of millions of dollars for investors [4]

Financial Performance - Revenue for Q3 2025 was $144.0 million, a decrease of 8.9% compared to $158.0 million in Q3 2024[13] - Net loss for Q3 2025 was $35.7 million, compared to a net loss of $22.4 million in Q3 2024, representing a 59.0% increase in losses year-over-year[13] - Basic and diluted loss per share for Q3 2025 was $0.43, compared to $0.27 in Q3 2024, indicating a 59.3% increase in loss per share[13] - Total revenue for the three months ended September 30, 2025, was $144.0 million, a decrease of 8.9% compared to $158.0 million for the same period in 2024[33] - Total expenses for the three months ended September 30, 2025, were $92.0 million, down from $100.5 million in the prior year, reflecting a reduction of 5.0%[13] - For the nine months ended September 30, 2025, the net loss was $67.4 million compared to a net loss of $48.2 million for the same period in 2024[18] Operating Expenses - Operating expenses (excluding depreciation and amortization) were $53.9 million, down from $62.6 million in the same quarter last year, reflecting a 13.5% reduction[13] - Total expenses for the nine months ended September 30, 2025, were $273.6 million, down from $306.8 million in 2024, a decrease of 10.8%[13] - Compensation and benefits expenses increased to $30.1 million for the three months ended September 30, 2025, compared to $29.0 million in 2024[97] - Direct expenses decreased to $18.3 million for the three months ended September 30, 2025, from $26.7 million in 2024[97] - Customer service and support expenses were $12.0 million for the three months ended September 30, 2025, slightly down from $12.4 million in 2024[97] Debt and Interest - The company incurred interest expenses of $25.9 million in Q3 2025, down from $31.6 million in Q3 2024, a reduction of 17.9%[13] - As of September 30, 2025, total long-term debt was $1,052.2 million, an increase from $1,008.7 million as of December 31, 2024[53] - The effective interest rate for the Super-priority Loans was 8.95% as of September 30, 2025, while the Revolving Credit Facility had an effective interest rate of 10.54%[53] - The Company has total long-term debt of $1,054.9 million as of September 30, 2025, not including unamortized debt issuance costs and discount[83] Merger and Future Outlook - The company entered into a Merger Agreement on August 11, 2025, with Bandit Parent LP, which will result in each share of the company's common stock being converted into cash of $5.20 per share upon completion[20] - The Merger is expected to close by the end of 2025 or in the first quarter of 2026, subject to various conditions including shareholder approval[21] - Future outlook includes potential risks associated with a proposed merger, which is subject to various approvals and may disrupt existing customer relationships[11] Impairment and Losses - The company reported impairment losses on intangibles of $1.5 million for Q3 2025, with no such losses reported in Q3 2024[13] - The company recorded a non-cash impairment loss of $1.5 million for franchise operating rights during the three and nine months ended September 30, 2025, due to a decline in projected cash flows[51] - The company recorded an out-of-period adjustment increasing income tax expense by $9.5 million for the three months ended September 30, 2025[90] Cash Flow and Capital Expenditures - Net cash provided by operating activities was $91.8 million for the nine months ended September 30, 2025, down from $132.8 million in 2024, reflecting a decrease of approximately 30.8%[18] - Capital expenditures for the nine months ended September 30, 2025, were $139.3 million, a decrease from $164.1 million in 2024, representing a reduction of about 15.1%[18] Customer and Market Information - The company serves customers in 18 markets across the United States, including major cities in Michigan, Georgia, South Carolina, Alabama, Tennessee, and Florida[19] - Total residential subscription revenue decreased to $105.2 million in Q3 2025 from $117.4 million in Q3 2024, representing a decline of 10.5%[33] - Business subscription revenue slightly decreased to $27.8 million in Q3 2025 from $28.6 million in Q3 2024, a decline of 2.8%[33] Accounting and Compliance - The company anticipates that the adoption of new accounting standards will not have a material impact on its financial position or results of operations[29][30][31][32] - The company was in compliance with all debt covenants as of September 30, 2025[60] - The company operates as one reportable segment, with no intra-entity sales or transfers[96]

Core Insights - WideOpenWest (WOW) reported a quarterly loss of $0.43 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.20, marking an earnings surprise of -115.00% [1] - The company generated revenues of $144 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 2.35%, but down from $158 million year-over-year [2] - The stock has underperformed the market, gaining about 3.6% year-to-date compared to the S&P 500's gain of 15.1% [3] Financial Performance - Over the last four quarters, WideOpenWest has surpassed consensus EPS estimates only once [2] - The current consensus EPS estimate for the upcoming quarter is -$0.26 on revenues of $138 million, and for the current fiscal year, it is -$0.84 on revenues of $572.9 million [7] Industry Context - The Cable Television industry, to which WideOpenWest belongs, is currently ranked in the bottom 15% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact WideOpenWest's stock performance [5][6]

Financial Data and Key Metrics Changes - The company did not provide specific financial results for Q3 2025 due to a pending acquisition, but a press release was issued with financial and operating results available on the Investor Relations website [1][2]. Business Line Data and Key Metrics Changes - In legacy markets, the company continues to compete primarily with Comcast and Charter, achieving strong high-speed data revenue growth and near-record low churn rates [6]. - In greenfield markets, the company added over 15,000 homes in the last quarter, bringing the total to 106,000, with a penetration rate maintained at 16% despite the increase in homes [6][7]. Market Data and Key Metrics Changes - The company reported adding 3,700 homes in legacy markets, with the 2025 vintage nearing a 30% performance rate [7]. Company Strategy and Development Direction - The company positions itself as a challenger brand against traditional cable companies and emphasizes its no contract, no data caps, reliable network, and simplified pricing as key competitive advantages [6][8]. Management's Comments on Operating Environment and Future Outlook - Management noted that competition includes traditional cable companies, new fiber entrants, and fixed wireless, but expressed confidence in their competitive position and customer value proposition [6][9]. Other Important Information - The company is currently in a definitive agreement for acquisition by affiliated investment funds of DigitalBridge Investments and Crestview Partners, which may impact future operations and strategic direction [1]. Q&A Session Summary Question: Where is the competition coming from in the market? - Management identified Comcast and Charter as primary competitors in legacy markets, along with fixed wireless competition, and noted strong growth in high-speed data revenue [6]. Question: Are Charter and Comcast focusing on their mobility products? - Management observed that Charter and Comcast are engaging in national advertising emphasizing mobile services, but highlighted their own clear value proposition with all-in pricing and no hidden fees [9].

Financial Performance - Total Revenue for Q3 2025 was $144.0 million, a decrease of $14.0 million, or 8.9%, compared to Q3 2024[4] - Total Subscription Revenue for Q3 2025 was $133.0 million, down $13.0 million, or 8.9%, primarily due to a $10.6 million shift in service offering mix and a $7.3 million decrease in volume across all services[5] - HSD Revenue totaled $106.6 million, a decrease of $0.9 million, or 0.8%, compared to Q3 2024[8] - Adjusted EBITDA for Q3 2025 was $68.8 million, a decrease of $8.5 million, or 11.0%, with an Adjusted EBITDA margin of 47.8%[12] - Net Loss for Q3 2025 was $35.7 million, compared to a net loss of $22.4 million for Q3 2024, resulting in a Net Profit Margin of (24.8)%[11] - Total revenue for the three months ended September 30, 2025, was $144.0 million, a decrease of 8.9% compared to $158.0 million for the same period in 2024[22] - Total subscription services revenue for the nine months ended September 30, 2025, was $404.4 million, down 8.4% from $441.5 million in 2024[22] - Net loss for the nine months ended September 30, 2025, was $67.4 million, compared to a net loss of $48.2 million for the same period in 2024[22] - Adjusted EBITDA for the nine months ended September 30, 2025, was not explicitly stated but is a key metric for assessing operational performance[30] - Cash flows from operating activities for the nine months ended September 30, 2025, provided $91.8 million, a decrease from $132.8 million in 2024[23] - Capital expenditures for the nine months ended September 30, 2025, were $139.3 million, down from $164.1 million in 2024[23] - For the three months ended September 30, 2025, the net loss was $35.7 million, compared to a net loss of $22.4 million for the same period in 2024, resulting in a net profit margin of (24.8)%[36] - Adjusted EBITDA for the nine months ended September 30, 2025, was $215.8 million, with an adjusted EBITDA margin of 49.2%, compared to $214.7 million and 44.9% for the same period in 2024[36] Subscriber Metrics - Approximately 464,500 total subscribers as of September 30, 2025, a decrease of 26,000, or 5%, compared to September 30, 2024[13] - The company passed approximately 15,500 new homes and added 2,500 subscribers in Greenfield markets during Q3 2025, bringing total homes passed to 106,600 with a penetration rate of 16.0%[8] - Total subscribers decreased to 464,500 as of September 30, 2025, down from 473,800 as of March 31, 2025[38] - High-Speed Data (HSD) Revenue Generating Units (RGUs) decreased to 457,100 as of September 30, 2025, compared to 465,900 as of March 31, 2025[38] - Video RGUs declined to 40,000 as of September 30, 2025, down from 48,900 as of March 31, 2025[38] - Telephony RGUs decreased to 65,300 as of September 30, 2025, compared to 69,200 as of March 31, 2025[38] Capital Expenditures and Debt - Capital Expenditures totaled $52.5 million for Q3 2025, representing a $12.0 million increase compared to Q3 2024[16] - Total outstanding long-term debt and finance lease obligations was $1,065.5 million as of September 30, 2025, with total net leverage at 3.7x on a LTM Adjusted EBITDA basis[17] - Total capital expenditures for the three months ended September 30, 2025, were $52.5 million, an increase from $40.5 million in the same period in 2024[38] - Capital expenditures related to Greenfields were $20.2 million for the three months ended September 30, 2025, compared to $6.5 million in the same period in 2024[38] Acquisition and Corporate Developments - WOW! announced an agreement to be taken private by DigitalBridge Group Inc and Crestview Partners in a $1.5 billion transaction, subject to certain closing conditions[8] - The company is involved in a proposed acquisition by funds affiliated with DigitalBridge Investments and Crestview Partners, which may impact future operations[25] Company Recognition and Operations - WOW! serves approximately 2.0 million residential, business, and wholesale consumers across 20 markets, primarily in the Midwest and Southeast[24] - The company has been recognized nine times as a Best & Brightest Company to Work For in the Nation, indicating strong human resources practices[24] - The company incurred non-recurring professional fees and restructuring expenses of $14.0 million for the three months ended September 30, 2025[36]

Core Insights - WideOpenWest, Inc. ("WOW!") reported a total revenue of $144.0 million for Q3 2025, a decrease of $14.0 million or 8.9% compared to Q3 2024 [6][4] - The company experienced a net loss of $35.7 million for the quarter, compared to a net loss of $22.4 million in the same period last year [8][6] - WOW! added 15,500 new homes passed and approximately 2,500 new Greenfield high-speed data (HSD) fiber subscribers, bringing the total homes passed in Greenfield markets to 106,600 with a penetration rate of 16.0% [11][6] Financial Performance - Total Subscription Revenue for Q3 2025 was $133.0 million, down $13.0 million or 8.9% from Q3 2024, primarily due to a shift in service offering mix and a decrease in volume across all services [4][6] - HSD Revenue totaled $106.6 million, a slight decrease of $0.9 million or 0.8% compared to the same quarter in 2024 [6][4] - Adjusted EBITDA for the quarter was $68.8 million, down $8.5 million or 11.0% from Q3 2024, with an Adjusted EBITDA margin of 47.8% [9][6] Subscriber Metrics - Total Subscribers as of September 30, 2025, were approximately 464,500, a decrease of 26,000 or 5% compared to the same date in 2024 [10][6] - HSD RGUs totaled 457,100, reflecting a decrease of 23,500 or 5% year-over-year [10][6] Market Expansion - The company passed an additional 19,200 homes in Q3 2025, including 15,500 in Greenfield markets and 3,700 in Edge-out projects [11][6] - Edge-out projects from 2025 passed 8,700 new homes with a penetration rate of 29.9%, while 2024 Edge-out projects had a penetration rate of 45.8% [12][11] Capital Expenditures and Debt - Capital Expenditures for Q3 2025 totaled $52.5 million, an increase of $12.0 million compared to Q3 2024, primarily due to market expansion initiatives [13][6] - As of September 30, 2025, total outstanding long-term debt and finance lease obligations were $1,065.5 million, with cash on hand of $22.9 million [14][6] Acquisition Announcement - WOW! announced an agreement to be acquired by DigitalBridge Group Inc. and Crestview Partners in a $1.5 billion transaction, subject to certain closing conditions [6][16] - In connection with the acquisition, WOW! extended the maturity date of its revolving credit facility to June 30, 2027 [17][6]

Core Points - WOW! Internet, TV & Phone will host a webcast and conference call on November 5, 2025, at 8:00 a.m. ET to discuss its Q3 2025 financial results [1][2] - The company is a leading broadband provider in the U.S., serving nearly 2 million consumers across 20 markets, primarily in the Midwest and Southeast [3] Company Overview - WOW! provides a range of services including high-speed Internet, cable TV, home and mobile phone services, business data, voice, and cloud services [3] - The company has been recognized 12 times as a Best & Brightest Company to Work For in the Nation, winning the award for the last eight consecutive years [3] - WOW! has recently achieved a milestone of surpassing 100,000 fiber homes passed in its Greenfield markets [6]