Form 4: Crestview Partners Reports Changes in Beneficial Ownership of WideOpenWest (WOW) Stock

Crestview Partners and related entities report acquisition of WideOpenWest (WOW) common stock as part of director compensation in lieu of cash retainer fees.

Summary

• Crestview Partners III GP, L.P. and related entities, including Crestview W1 Holdings, L.P., Crestview W1 TE Holdings, LLC, Crestview W1 Co-Investors, LLC, and Crestview Advisors, L.L.C., along with individual directors Brian P. Cassidy, Daniel G. Kilpatrick, and Barry S. Volpert, filed a Form 4 regarding changes in beneficial ownership of WideOpenWest, Inc. (WOW) stock.
• The reported transaction occurred on October 1, 2024.
• The transaction involves the acquisition of 12,353 shares of Common Stock at a price of $5.19 per share.
• These shares were granted to Barry S. Volpert (3,612 shares), Daniel G. Kilpatrick (4,768 shares), and Brian P. Cassidy (3,973 shares) under WideOpenWest's 2017 Omnibus Incentive Plan in lieu of cash retainer fees for their service as directors.
• The directors have assigned their rights to these shares to Crestview Advisors, L.L.C.
• Following the reported transaction, the total amount of securities beneficially owned is 31,722,224.
• 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: 6

Explanation: The document is a routine regulatory filing, so the sentiment is neutral. The fact that directors are taking stock in lieu of cash is a mildly positive signal.

Positives

• Directors are taking equity in lieu of cash, which aligns their interests with shareholders.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to the market.

Comparison to Industry Standards

• Director compensation in the form of stock is a common practice among publicly traded companies to align management's interests with those of shareholders.
• Companies like Liberty Broadband and Charter Communications also use equity-based compensation for their directors.

Related Party Transactions

• The grant of shares to directors in lieu of cash retainer fees is a related party transaction.

Stakeholder Impact

• The transaction could have a slightly positive impact on shareholders as it aligns the interests of the directors with those of the shareholders.

Key Dates