Group 1 - Madison Mid Cap Fund reported a return of 1.9% in Q3 2025, underperforming the Russell Midcap Index which increased by 5.3% [1] - The Information Technology sector led the performance for both the quarter and year-to-date [1] - The fund's top five holdings were highlighted as key picks for 2025 [1] Group 2 - GCI Liberty, Inc. (NASDAQ:GLIBK) experienced a one-month return of -6.56% and a three-month decline of 12.56%, closing at $33.75 per share with a market capitalization of $968.552 million on November 20, 2025 [2] - Madison Mid Cap Fund sold its holding in GCI Liberty, Inc. due to mediocre growth prospects and its small market capitalization, which was deemed immaterial to the portfolio [3] Group 3 - GCI Liberty, Inc. is not among the 30 most popular stocks among hedge funds, with a belief that certain AI stocks present greater upside potential and lower downside risk [4]

Core Viewpoint - Shenandoah Telecommunications Company (Shentel) has announced the offering of $567,405,000 in secured fiber network revenue term notes, which will be used to repay existing term loans and for general corporate purposes [1][2]. Group 1: Offering Details - The offering consists of $567,405,000 aggregate principal amount of secured fiber network revenue term notes, with an anticipated repayment date in December 2030 [1]. - The notes will be secured by certain fiber network assets and related customer contracts primarily located in Virginia, Ohio, Pennsylvania, Indiana, and Maryland [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to repay and terminate existing term loans and for general corporate purposes [2]. Group 3: Regulatory Information - The notes will not be registered under the Securities Act of 1933 and may only be offered to qualified institutional buyers under Rule 144A and outside the United States in compliance with Regulation S [3]. Group 4: Company Overview - Shenandoah Telecommunications Company provides broadband services through high-speed fiber optic and cable networks to residential and commercial customers across eight states in the eastern United States [5]. - The company offers a range of services including broadband internet, video, voice, high-speed Ethernet, dedicated internet access, dark fiber leasing, and managed network services, supported by over 18,000 route miles of fiber [5].

Core Insights - Twilio Inc reported strong third-quarter results, with revenue growth of 14.7% year-on-year to $1,300 million, surpassing expectations of $1,250 million, and earnings of $1.25 per share, exceeding estimates of $1.03 per share [1][2] Revenue and Growth - The company achieved 13% organic growth in the quarter, prompting management to raise full-year organic growth guidance to 11.3%-11.5% from the previous 9%-10% [2] - Twilio added 43,000 active customer accounts in the quarter, reflecting a 12.3% sequential growth and 22.5% year-on-year growth [2] Analyst Ratings and Price Targets - Needham analyst Joshua Reilly maintained a Buy rating and increased the price target from $125 to $145, citing increasing organic growth trends and strong profitability [3][5] - Rosenblatt Securities analyst Catharine Trebnick reiterated a Buy rating with a price target of $140, describing the results as "exceptionally strong" despite gross margin headwinds [3][5] Strategic Developments - The company demonstrated effective execution on key growth drivers, including closing a record nine-figure renewal deal encompassing messaging, voice, and software add-ons [4]

Core Points - Shenandoah Telecommunications Company (Shentel) declared a cash dividend of $0.11 per share, marking a 10.0% increase from the previous year's dividend [1][2] - The dividend will be payable on December 1, 2025, to shareholders of record as of November 7, 2025, representing Shentel's sixty-sixth consecutive year of annual dividends [1][2] - The increase in dividend reflects the strong performance of Shentel's Glo Fiber business and the company's confidence in future growth [2] Company Overview - Shentel provides broadband services through high-speed fiber optic and cable networks to residential and commercial customers across eight states in the eastern United States [2] - The company's service offerings include broadband internet, video, voice, high-speed Ethernet, dedicated internet access, dark fiber leasing, and managed network services [2] - Shentel operates an extensive regional network with over 17,700 route miles of fiber [2]

Core Points - Shenandoah Telecommunications Company (Shentel) has extended high-speed, gigabit internet service to approximately 3,300 additional homes in Campbell County, Virginia, with plans to add about 200 more by the end of the month [1] - The $20 million construction project is partly funded by the Virginia Telecommunication Initiative (VATI) and aims to enhance broadband infrastructure in rural areas [1] - Shentel emphasizes its commitment to serving rural communities and improving access to reliable internet for education, healthcare, and economic development [2] Company Overview - Shentel provides broadband services through high-speed fiber optic and cable networks to residential and commercial customers across eight states in the eastern United States [3] - The company owns an extensive regional network with over 17,700 route miles of fiber, offering services such as broadband internet, video, voice, high-speed Ethernet, dark fiber leasing, and managed network services [3] Community Impact - The collaboration with the Virginia Department of Housing and Community Development on the VATI project is recognized for its positive impact on underserved households and businesses in Campbell County [2] - The initiative aims to create competitive communities by expanding broadband access, which is essential for unlocking opportunities in various sectors [2]

Core Points - WOW! Internet, TV & Phone has successfully recognized outstanding educators in the Central Savannah River Area (CSRA) through the WOW! Teacher of the Month Award during the 2025 MiLB season [1][2] - The company has also participated in the Stuff the Bus Annual School Supply Drive, donating school supplies and backpacks to benefit local students [1][3] Company Initiatives - WOW! honored six educators with the Teacher of the Month award, providing each with $500 for classroom expenses, four reserved seat tickets to GreenJackets games, and a commemorative plaque [2] - The Stuff the Bus event collected 34,273 school supplies for students in need at the start of the school year [3] Community Engagement - WOW! emphasizes the importance of community connection and engagement through its initiatives, showcasing its commitment to education and local impact [4] - The Augusta GreenJackets and WOW! collaborate to celebrate educators who significantly contribute to their communities [4] Company Overview - WOW! is a leading broadband provider serving nearly 2 million consumers across 20 markets, primarily in the Midwest and Southeast [5] - The company offers a range of services including high-speed internet, cable TV, and cloud services, and has been recognized for its exceptional workplace practices [5]

Core Viewpoint - Shenandoah Telecommunications Company (Shentel) will present at the Bank of America 2025 Media, Communications, & Entertainment Conference on September 3, 2025, at 9:40 AM E.T. [1] Company Overview - Shenandoah Telecommunications Company provides broadband services through high-speed fiber optic and cable networks to residential and commercial customers across eight contiguous states in the eastern United States [2] - The company's service offerings include broadband internet, video, voice, high-speed Ethernet, dark fiber leasing, and managed network services [2] - Shentel operates an extensive regional network with over 17,700 route miles of fiber [2]

Core Viewpoint - Shenandoah Telecommunications Company has appointed Angela M. Olsen as Vice President-Legal and General Counsel, bringing over 25 years of legal experience to the company [1][2][3] Company Overview - Shenandoah Telecommunications Company provides broadband services through high-speed fiber optic and cable networks to residential and commercial customers across eight contiguous states in the eastern United States [4] - The company's service offerings include broadband internet, video, voice, high-speed Ethernet, dark fiber leasing, and managed network services [4] - The company operates an extensive regional network with over 17,700 route miles of fiber [4] Leadership and Experience - Angela M. Olsen has previously held significant legal positions, including General Counsel and Corporate Secretary at AquaBounty Technologies, and Senior Advisor and Associate General Counsel at DuPont [2] - Olsen's background includes experience as a trial attorney at the US Department of Justice and in private practice at prominent law firms [2] - The CEO of Shentel, Christopher French, expressed confidence in Olsen's capabilities, highlighting her deep understanding of corporate law and her potential contribution to the company's growth [3]

Core Points - Shenandoah Telecommunications Company (Shentel) has received the 2025 CableFax Top Ops Award for Work Culture, recognizing its commitment to improving employee lives and fostering a connected work environment [1][6] - The company emphasizes core values such as teamwork, integrity, communication, agility, cooperation, mutual trust, and respect, which are integral to its success [2] - Shentel's community engagement initiatives, including the Shentel Cares program, encourage employees to support local charities and make a meaningful impact [2][4] - The company has been recognized for its investment in employee development through various support initiatives, including educational assistance and leadership training [5] - This is the second consecutive year Shentel has won a CableFax Top Ops Award, having previously been recognized in 2024 for its Glo Fiber brand as Fiber Provider of the Year [6] Company Overview - Shenandoah Telecommunications Company provides broadband services through advanced fiber optic and cable networks to residential and commercial customers across eight contiguous states in the eastern United States [7] - The company's service offerings include broadband internet, video, voice, high-speed Ethernet, dark fiber leasing, and managed network services, supported by an extensive regional network of over 17,700 route miles of fiber [7]

Core Viewpoint - WideOpenWest, Inc. (WOW!) has entered into a definitive agreement for an all-cash acquisition by DigitalBridge Investments and Crestview Partners, valuing the company at approximately $1.5 billion, with stockholders receiving $5.20 per share, representing a 37.2% premium to the unaffected price prior to the initial offer [1][2]. Company Overview - WOW! is a leading broadband provider in the U.S., serving nearly 2 million customers across 20 markets, primarily in the Midwest and Southeast [7]. - The company offers a range of services including high-speed internet, cable TV, and cloud services, and has been recognized for its exceptional human resources practices [7]. Transaction Details - The acquisition price of $5.20 per share represents a 63% premium to WOW!'s closing price on August 8, 2025 [1]. - Crestview, as WOW!'s largest stockholder, will roll over all shares it owns, which constitutes approximately 37% of WOW!'s outstanding shares [4]. - The transaction has been unanimously approved by WOW!'s Board of Directors and is expected to close by the end of 2025 or in the first quarter of 2026, pending stockholder and regulatory approvals [3][5]. Strategic Implications - The partnership with DigitalBridge and Crestview is expected to enhance WOW!'s growth, allowing for investments in network expansion and technology upgrades, thereby improving service delivery and customer experience [2][8]. - The transaction is seen as a significant opportunity for WOW! to strengthen its market position as a trusted broadband provider [2].