NEW YORK -- Debt-laden cable operator Charter Communications on Tuesday unveiled an $896 million deal to sell cable systems with 549,000 revenue-generating units, including 316,000 basic cable subscribers, in four states to two groups to raise cash and focus its cable footprint on more profitable users. Charter ended 2005 with about 5.9 million basic cable subscribers, meaning it will offload about 5% of its basic customers in the deals, and nearly 11 million overall revenue-generating units. Charter, controlled by billionaire chairman Paul Allen, is selling cable systems in West Virginia and Virginia to Cebridge Acquisition Co., managed by Cequel III, which was founded and is run by former Charter CEO Gerald Kent, who left the post in 2001 after disagreements with Allen. Charter also is selling cable systems in Illinois and Kentucky to New Wave Communications.
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