About a year ago, Internet service provider Countrywide Broadband (CWB) and equity firm Seaport Capital announced that they would collectively acquire the assets of Illinois based ISP, iTV-3. The partners would form the subsidiary Internet service provider i3 to take over operations that belonged to iTV-3. Not an unusual course of events when one hears about large companies gobbling up smaller ventures on a regular basis. This situation was different because iTV-3 had been working with the communities of Champaign and Urbana to bring high-quality connectivity to residents and businesses via its publicly owned fiber. Just yesterday, CWB announced that the deal has been completed.
Partners 1 and 2
When the UC2B nonprofit organization chose iTV-3, the partnership was lauded as one that held local concerns a top priority. iTV-3 is an Illinois based company and their interest in participating as a community member, rather than just a distant ISP, made them a desirable choice.
An important component of the partnership was iTV-3’s commitment to invest by expanding the existing network and they did build out in some areas. Expansion did not happen quickly, however, and elected officials hope that i3 can accelerate private investment so more neighborhoods can access the Fiber-to-the-Home (FTTH) network. From the Countrywide press release:
Urbana Mayor Laurel Prussing further commented, "With new management and a more aggressive build-out schedule, more residents will have access to high-speed internet. This is essential for local entrepreneurs in our modern economy and for all other users as well."
The UC2B nonprofit began the project with a $26 million award from American Recovery and Reinvestment Act (ARRA) funding. It was an urban FTTH project that allowed residents to sign up for Internet access for as low as $19.99 per month. In 2014, chose iTV-3 to...Read more