Form 4: Crestview Partners Increase Stake in WideOpenWest (WOW) Through Stock Grants

Crestview Partners, along with affiliated entities and individuals, increased their holdings in WideOpenWest (WOW) through stock grants in lieu of cash retainer fees for board service.

Summary

• Crestview Partners III GP, L.P., along with several affiliated entities and individuals, filed a Form 4 detailing changes in beneficial ownership of WideOpenWest, Inc. (WOW) common stock.
• The filing reports that on April 1, 2024, Messrs. Volpert, Kilpatrick, and Cassidy were granted shares of WOW common stock under the company's 2017 Omnibus Incentive Plan in lieu of cash retainer fees for their service as directors.
• Specifically, Mr. Volpert received 5,151 shares, Mr. Kilpatrick received 6,799 shares, and Mr. Cassidy received 5,666 shares, with each share valued at $3.64.
• These shares, collectively referred to as 'Retainer Shares,' were assigned to Crestview Advisors, L.L.C.
• Following the transaction, the total number of shares beneficially owned by Crestview entities and related individuals amounts to 31,623,783 shares.
• Crestview Partners III GP, L.P. may be deemed to have beneficial ownership of the shares held by the Crestview Funds and exercises voting and dispositive power over these shares through its investment committee.
• The filing includes a joint filer statement, designating Crestview Partners III GP, L.P. as the Designated Filer for the attached Form 4.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The increased stake by Crestview Partners suggests confidence, but the document primarily reflects routine regulatory filings.

Positives

• The acceptance of stock in lieu of cash retainers by board members signals confidence in the company's future prospects.
• Increased ownership by Crestview Partners aligns their interests further with those of other shareholders.

Future Outlook

The document does not contain specific forward-looking statements regarding WideOpenWest's future performance.

Industry Context

Private equity firms like Crestview Partners often take active roles in the companies they invest in, and changes in their ownership stakes are closely watched by investors.

Related Party Transactions

• The stock grants to directors are related-party transactions, as the directors are also significant stakeholders through Crestview Partners.

Stakeholder Impact

• The increased stake by Crestview Partners could be viewed positively by shareholders, potentially increasing investor confidence.
• The decision to take stock in lieu of cash could free up cash for the company to use for other purposes.

Key Dates