Form 4: Crestview Partners Report WideOpenWest Merger Completion

Crestview Partners and affiliated entities reported the completion of the merger of WideOpenWest, Inc. into a wholly-owned subsidiary of Bandit Parent, LP, with their equity rolled over into the new parent.

Summary

• WideOpenWest, Inc. (WOW) merged with and into Bandit Merger Sub, Inc. on December 31, 2025, resulting in WOW becoming a wholly-owned subsidiary of Bandit Parent, LP.
• Crestview Partners III GP, L.P., Crestview W1 Holdings, L.P., Crestview W1 TE Holdings, LLC, Crestview W1 Co-Investors, LLC, Crestview Advisors, L.L.C., and individuals Brian P. Cassidy, Daniel G. Kilpatrick, and Barry S. Volpert were identified as reporting persons.
• These reporting persons, who include directors and 10% owners, participated in a Voting, Support and Rollover Agreement dated August 11, 2025.
• They transferred their shares of WOW Common Stock to MergerSub in exchange for equity interests in Bandit HoldCo, Inc., which were subsequently contributed to Bandit Parent, LP for equity interests in Parent.
• The rollover of shares occurred immediately prior to the closing of the merger.
• Following these transactions, the Crestview Rolling Stockholders now hold direct equity interests in Bandit Parent, LP.
• The closing price of WOW Common Stock immediately prior to the merger was $5.20 per share.
• Crestview Partners III GP, L.P. beneficially owns 31,856,414 shares of Common Stock (indirectly through Crestview Funds) and exercises voting and dispositive power over these shares.
• This beneficial ownership includes 618,496 shares granted under WOW's 2017 Omnibus Incentive Plan to Messrs. Volpert, Kilpatrick, and Cassidy, which they assigned to Crestview Advisors, L.L.C.

Sentiment

Score: 7

Explanation: The filing reports the successful completion of a planned merger and equity rollover, indicating a positive outcome for the reporting persons who are maintaining an equity stake in the new parent company. No negative information is disclosed.

Positives

• The successful completion of the merger for WideOpenWest, Inc., transitioning it to a wholly-owned subsidiary of Bandit Parent, LP.
• Crestview entities and associated individuals successfully rolled over their equity into the new parent company, maintaining an ownership stake in the combined entity.
• The transaction provides a clear exit for public shareholders of WideOpenWest, Inc. (implied by the company becoming a wholly-owned subsidiary).

Negatives

• No explicit negatives are mentioned in this Form 4 filing, which primarily reports a change in beneficial ownership due to a completed merger.

Risks

• No specific risks are mentioned in this Form 4 filing.

Future Outlook

WideOpenWest, Inc. has become a wholly-owned subsidiary of Bandit Parent, LP following the merger. The reporting persons now hold equity interests in Bandit Parent, LP, indicating their continued investment in the combined entity's future performance.

Industry Context

This filing reflects a specific corporate transaction (merger and subsequent equity rollover) rather than broader industry trends. It signifies a private equity firm's (Crestview Partners) strategic move to take a public company private, a common trend in mature or consolidating industries, particularly in sectors like telecommunications or broadband where scale and operational efficiencies are critical.

Comparison to Industry Standards

• The transaction structure, involving a merger and equity rollover by significant shareholders and directors, is a standard mechanism for private equity-led take-private transactions.
• The reported beneficial ownership of 31,856,414 shares by Crestview Partners III GP, L.P. highlights a substantial pre-merger stake, typical for a controlling investor initiating such a transaction.
• The closing price of $5.20 per share immediately prior to the merger provides a benchmark for the valuation at which public shareholders would have exited, comparable to other take-private deals in the broadband sector, though specific comparable company valuations are not provided in this filing.

Management Changes

Corporate Governance

Related Party Transactions

• The Voting, Support and Rollover Agreement dated August 11, 2025, involved Crestview W1 TE Holdings, LLC, Crestview W1 Holdings, L.P., Crestview W1 Co-Investors, LLC, Crestview Advisors, L.L.C. (Crestview Rolling Stockholders), and individuals Brian P. Cassidy, Daniel G. Kilpatrick, and Barry S. Volpert (Individual Rolling Stockholders) with WideOpenWest, Inc. and Bandit Parent, LP.
• These related parties transferred their shares of Common Stock in WideOpenWest, Inc. in exchange for equity interests in Bandit HoldCo, Inc. and subsequently in Bandit Parent, LP, immediately prior to the merger.

Stakeholder Impact

• Shareholders of WideOpenWest, Inc. (excluding rollover stockholders) would have received cash for their shares as the company became a wholly-owned subsidiary, concluding their investment in the public entity.
• The reporting persons (Crestview entities and affiliated individuals) transitioned their equity holdings from WideOpenWest, Inc. to Bandit Parent, LP, indicating a continued, albeit indirect, stake in the underlying business.
• Employees and customers of WideOpenWest, Inc. are likely to experience operational continuity under the new private ownership structure, though specific impacts are not detailed in this filing.

Next Steps

• The reporting persons will continue to hold equity interests in Bandit Parent, LP.
• WideOpenWest, Inc. will operate as a wholly-owned subsidiary of Bandit Parent, LP.

Key Dates

Keywords

WideOpenWest, WOW, Crestview Partners, Merger, Acquisition, SEC Form 4, Beneficial Ownership, Equity Rollover, Bandit Parent LP, Corporate Governance