Form 4: Crestview Partners and Directors Boost Stake in WideOpenWest Through Equity Compensation Election

Crestview Partners and its affiliated directors have increased their beneficial ownership in WideOpenWest, Inc. by acquiring 15,487 shares of common stock at $4.14 per share, elected in lieu of cash director fees for the 2025 fiscal year.

Summary

• Crestview Partners III GP, L.P. and affiliated entities, along with directors Brian P. Cassidy, Daniel G. Kilpatrick, and Barry S. Volpert, reported an acquisition of WideOpenWest, Inc. common stock.
• A total of 15,487 shares were acquired on July 1, 2025, at a price of $4.14 per share.
• These shares, referred to as "Retainer Shares," were granted under the Issuer's 2017 Omnibus Incentive Plan.
• The shares were elected by Messrs. Volpert, Kilpatrick, and Cassidy in lieu of all or a portion of their cash retainer fees for service as directors during WideOpenWest's 2025 fiscal year.
• All rights, title, and interest in these Retainer Shares have been assigned by the individuals to Crestview Advisors, L.L.C.
• Following this transaction, the total beneficial ownership of the reporting persons, including Crestview Funds and shares held by Crestview Advisors, L.L.C., stands at 31,843,988 shares of Common Stock.

Sentiment

Score: 8

Explanation: The acquisition of shares by directors and a major institutional investor in lieu of cash compensation is a strong positive signal, indicating confidence in the company's future and aligning interests with shareholders. This type of insider buying is generally viewed favorably by the market.

Positives

• Directors elected to receive equity instead of cash for their services, indicating alignment of interests with shareholders.
• Increased insider ownership by a significant shareholder (Crestview Partners, a 10% owner) and its affiliated directors.
• The acquisition price of $4.14 per share provides a clear valuation point for the transaction.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the transaction date of July 1, 2025, related to director compensation for the 2025 fiscal year.

Management Comments

• Each of Messrs. Volpert, Kilpatrick and Cassidy has assigned all rights, title and interest in the Retainer Shares granted to him to Crestview Advisors, L.L.C.
• Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein.

Industry Context

This Form 4 filing reflects an internal corporate governance and compensation decision by WideOpenWest, Inc. and its major shareholder, Crestview Partners. The election by directors to receive equity instead of cash for their fees is a common practice across various industries, particularly in companies where aligning management and board interests with shareholder value is prioritized. It does not directly reflect broader industry trends in telecommunications but rather a specific corporate finance strategy.

Comparison to Industry Standards

• The practice of directors electing to receive equity in lieu of cash compensation is a widely accepted corporate governance standard, aligning director incentives with shareholder returns.
• While specific comparable companies or projects are not detailed in this filing, this compensation structure is common among publicly traded companies, especially those with significant institutional ownership like WideOpenWest, Inc. with Crestview Partners as a 10% owner.
• This aligns with best practices for fostering long-term value creation.

Corporate Governance

Related Party Transactions

• Acquisition of 15,487 shares of Common Stock by directors (Barry S. Volpert, Daniel G. Kilpatrick, Brian P. Cassidy) who are also affiliated with Crestview Partners, a 10% owner of WideOpenWest, Inc.
• The shares were granted under the Issuer's 2017 Omnibus Incentive Plan in lieu of cash retainer fees for director service.
• All rights to these shares were assigned to Crestview Advisors, L.L.C., an entity also affiliated with the reporting persons.

Stakeholder Impact

• Shareholders: Positive impact due to increased insider ownership and alignment of director interests with shareholder value. This signals confidence from key stakeholders.
• Employees: Indirectly positive as strong insider confidence can contribute to overall company stability and morale.
• Management: Direct impact on the compensation structure for certain directors, shifting from cash to equity.

Next Steps

• Continued service of Messrs. Volpert, Kilpatrick, and Cassidy as directors on the Board of WideOpenWest, Inc.
• Ongoing beneficial ownership and potential future transactions by Crestview entities and affiliated individuals.

Key Dates

Recommendation

Keywords

WideOpenWest, WOW, Crestview Partners, SEC Form 4, Insider Ownership, Stock Acquisition, Director Compensation, Equity Compensation, Beneficial Ownership, Investment Firm, Telecommunications