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1. A regional Comcast or Spectrum for internet, TV, and phone services.

2. Like Xfinity or Fios, but focused on specific regional markets in the Midwest and Southeast.

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• High-Speed Internet: Provides residential and business customers with fast and reliable broadband internet access.
• Video Services: Offers a variety of cable television programming packages and on-demand content.
• Voice Services: Delivers digital telephone service for local and long-distance calling.
• Business Services: Provides customized internet, voice, and data solutions for commercial clients.

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WideOpenWest (WOW) Major Customers

• Residential Customers: This category includes individual households and consumers who subscribe to WOW's internet, cable television, and home phone services. This segment forms a significant portion of WOW's subscriber base.
• Business Customers: WOW serves various businesses, primarily small to medium-sized enterprises (SMBs), with high-speed internet, data, voice, and video services. While these are "companies," they are numerous and dispersed, rather than a few large, identifiable "major customers." WOW also offers some services to larger enterprises within its service footprint.

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• ADTRAN Holdings, Inc. (ADTN)
• Calix, Inc. (CALX)
• Nokia Corporation (NOK)

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Teresa Elder, Chief Executive Officer

Teresa Elder was appointed CEO of WideOpenWest in December 2017, bringing over 25 years of experience in the telecommunications industry. Her extensive background includes serving as a founding president of Clearwire Wholesale, which was subsequently sold to Sprint. She also held roles as CEO of Vodafone Ireland and president of AT&T Broadband West, which is now part of Comcast. Additionally, she was a senior vice president at MediaOne and general manager of the Rocky Mountain Division at USWEST. Elder has served as an advisor to various tech, telecom, cable, and nonprofit organizations, and was the Chair of the Management Board of the Stanford University Graduate School of Business until 2018. She currently serves on the board of trustees for the Cystic Fibrosis Foundation and is a member of the C-SPAN Board. WideOpenWest itself was taken private in August 2025 by Crestview and DigitalBridge, with Crestview already being a major investor.

John Rego, Chief Financial Officer

John Rego joined WideOpenWest as Chief Financial Officer on June 29, 2020, bringing over 36 years of finance, accounting, and operational experience. Prior to his role at WOW!, Rego served as CFO for Telaria, Inc., which was sold to the Rubicon Project. He was also the CFO for Virgin Galactic and served as executive vice president, chief financial officer, and treasurer for Vonage Holdings Corp. for nearly eight years. His previous experience also includes CFO positions at AppSense and Petra Solar, Inc., and he was a Board Member and Audit Committee Chair at Comverge. He began his career as a Senior Manager at Grant Thornton LLP.

Don Schena, Chief Customer Experience Officer

Don Schena joined the WOW! team in July 2018 and is responsible for the company's strategy and vision for all customer-facing functions. He has more than 25 years of senior-level experience in the telecommunications industry, having previously served as a senior vice president at Clearwire, Comcast, AT&T, and MediaOne. In his roles at Comcast and AT&T, he oversaw operations for up to 5,000 employees and more than 2 million customers. Additionally, Schena served as chief operating officer at Simple Star, where he managed strategy execution and led finance, human resources, customer care, business development, and partner management functions.

Henry Hryckiewicz, Chief Technology Officer

Henry Hryckiewicz joined WOW! as Chief Technology Officer in January 2020, bringing over 20 years of experience as an engineering and technical operations executive in the telecommunications industry. Before joining WOW!, he was the senior vice president of engineering operations for residential and business services for Time Warner Cable, where he managed strategic and operational oversight of network design, deployment, operations, and expansion. He also held multiple leadership positions at Adelphia Communications Corporation prior to his tenure at Time Warner Cable.

Roger Seiken, Senior Vice President and General Counsel

Roger Seiken provides legal services and strategic counsel to business clients and the telecom industry, with over 20 years of experience in the field. He has extensive experience negotiating and closing complex business and strategic transactions. Before joining WOW! in 2017, Seiken was an associate general counsel of legal affairs at Verizon Communications, Inc. He holds a Bachelor of Science in Finance from Miami University (Ohio) and a Juris Doctor summa cum laude from the Catholic University of America, Columbus Law School.

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The key risks to WideOpenWest (symbol: WOW) are:

1. Merger Uncertainty: WideOpenWest faces significant business risks due to uncertainties surrounding its pending merger, under which affiliated investment funds of DigitalBridge Investments, LLC and Crestview Partners will acquire all outstanding shares. This transaction uncertainty could disrupt operations, strain relationships with customers and partners, hinder employee recruitment and retention, and divert management's focus from daily operations. Delays or termination of the merger could further impact the company's market position and stock value.

2. Intense Competition and Subscriber Declines: WideOpenWest is grappling with accelerating competition from alternative broadband providers, including fixed wireless access (FWA), and other incumbent cable operators that bundle mobile with in-home broadband services at discounted prices. This competitive pressure has led to sharper-than-expected subscriber declines, particularly in high-speed data (HSD) customers, and is expected to constrain revenue growth and long-term profitability. The company reported a decrease in total subscribers and HSD residential subscriber generating units (RGUs) as of March 31, 2025.

3. High Leverage and Negative Free Operating Cash Flow: The company has a significant debt burden and has experienced persistent negative free operating cash flow (FOCF). WideOpenWest is currently in a heavy capital expenditure cycle, investing in greenfield projects with fiber-to-the-home (FTTH) in new markets and edge-out expansions. These substantial capital expenditures contribute to ongoing FOCF deficits, which could lead to weaker credit metrics and limit the company's capacity for reinvestment.

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There are two clear emerging threats for WideOpenWest (WOW):

• Fixed Wireless Access (FWA) competition: New entrants like T-Mobile 5G Home Internet and Verizon 5G Home Internet are rapidly expanding their fixed wireless broadband offerings. These services leverage existing cellular networks to provide an alternative home internet connection, directly competing with WOW's core broadband business. FWA providers offer competitive pricing, especially when bundled with mobile plans, and often boast easy self-installation. Their aggressive market penetration and subscriber growth pose a significant and direct challenge to traditional cable broadband providers like WOW.

• Aggressive Fiber Overbuilds: Traditional telecom companies (e.g., AT&T, Frontier) and new entrants (e.g., Google Fiber) are extensively expanding their fiber optic networks into WOW's existing service territories. Fiber-to-the-home offers superior symmetrical speeds (same upload and download), enhanced reliability, and greater future-proofing compared to WOW's legacy cable infrastructure. This aggressive fiber expansion directly targets high-value broadband customers and creates intense pricing pressure, potentially eroding WOW's market share and profitability.

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WideOpenWest (WOW) serves customers in the United States, primarily in the Midwest and Southeast regions, including parts of Alabama, Florida, Georgia, Illinois, Indiana, Maryland, Michigan, Ohio (though some areas were sold), South Carolina, and Tennessee.

The addressable market for WideOpenWest's main products and services can be understood in terms of both their direct network reach and the broader market for these services in the U.S. where they operate.

Direct Addressable Market (U.S. - within WOW's network footprint)

WideOpenWest's network passes approximately 1.9 million homes and businesses.

Addressable Markets by Product/Service (U.S. Market)

• High-Speed Internet (Broadband): The U.S. Internet Service Providers (ISP) market was valued at $161.8 billion in 2024 and is projected to reach $168.5 billion in 2025. For residential customers, approximately 106.3 million U.S. households subscribed to home internet services at the end of 2023. As of the end of 2024, nearly 80 million U.S. homes had access to fiber broadband. The global business internet service market, where North America holds over a 35% share, was valued at $378.5 billion in 2023 and is projected to reach $892.3 billion by 2033. Another estimate places the global business internet service market at $120 billion in 2024.
• Phone Services (VoIP and Landline): The U.S. Voice over Internet Protocol (VoIP) market was valued at $52.45 billion in 2024 and is expected to reach around $152.04 billion by 2034. Other estimates for the U.S. VoIP market include $10.7 billion in 2023, and $46.57 billion in 2024. For traditional landline phone services, over a quarter of U.S. adults, or 68.9 million people, still rely on landline phones, with the global landline phones market valued at approximately $2.7 billion in 2024 and North America contributing about 40% of this revenue.
• Cable Television: WideOpenWest announced in May 2023 that it would discontinue its in-house TV services, including WOW! TV+, and is migrating its video customers to YouTube TV across its footprint. While the company maintains its current cable TV system during this migration, this indicates a strategic shift away from offering its proprietary cable television product.

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WideOpenWest (WOW) is focusing on several key initiatives to drive future revenue growth over the next two to three years, primarily centered around its high-speed data services and network expansion. The expected drivers include:

1. Expansion into New Greenfield and Edge-Out Markets: WOW is actively expanding its network footprint into new "greenfield" and "Edge-Out" markets to attract new subscribers. For instance, the company passed approximately 18,100 new homes in greenfield and edge-out markets in the first quarter of 2024, demonstrating a consistent effort to grow its serviceable areas. This expansion is a significant part of their strategy to onboard new customers and increase high-speed data (HSD) subscriber numbers.
2. Growth in High-Speed Data (HSD) Average Revenue Per User (ARPU): The company anticipates increasing its HSD ARPU, driven by strategic rate increases and existing and new customers upgrading to higher speed tiers. In Q1 2024, ARPU went up by more than 5% year-over-year, and the Q1 2024 earnings report highlighted that the decline in total revenue was partially offset by an increase in ARPU due to rate hikes implemented in late 2023 and early 2024. This trend of customers opting for higher speeds directly contributes to increased revenue per subscriber.
3. Strategic "Broadband-First" Focus and Transition from Legacy Video Services: WOW is implementing a "broadband-first strategy" and is actively transitioning away from traditional video services, including a partnership with YouTube TV. While this has led to a reduction in video and telephony revenues, the strategy aims to improve profitability and focus resources on the higher-margin high-speed data business. This pivot is expected to optimize their service offerings for the evolving market and drive overall HSD revenue growth.
4. Demand for Higher Speed Tiers: There is a strong customer demand for faster internet speeds, which is a significant factor in driving HSD revenue growth. In Q2 2025, 76% of HSD-only new connections purchased speeds of 500 Mbps or higher, a 4% increase year-over-year. This sustained demand for premium speed tiers directly contributes to higher ARPU and overall HSD revenue.

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Capital Allocation Decisions (Last 3-5 Years)

Share Issuance

• 101,249,624 shares were issued as of March 31, 2025, an increase from 100,219,835 shares issued as of December 31, 2024.
• The company issued 1,029,789 restricted shares (net) during the three and six months ended June 30, 2025 and 2024.

Inbound Investments

• WideOpenWest (WOW) entered into an agreement on August 11, 2025, to be acquired by affiliated investment funds of DigitalBridge Investments and Crestview Partners in an all-cash transaction valued at approximately $1.5 billion.
• The acquisition price of $5.20 per share represents a 63% premium to the closing price on August 8, 2025, and a 37.2% premium to the unaffected price before the initial non-binding offer in May 2024.
• Crestview, WOW!'s largest stockholder holding approximately 37% of outstanding shares, has agreed to roll over its existing shares and vote in favor of the transaction.

Capital Expenditures

• Capital expenditures totaled $215.8 million for the year ended December 31, 2024, marking a 19.7% decrease compared to 2023. This decrease was primarily attributed to reduced line extensions as market expansion construction was paused in the third quarter of 2024.
• For 2025, WOW! targets $60 million to $70 million in greenfield expansion capital expenditures, with a primary focus on fiber-to-the-home broadband services in new markets such as Central Florida, Hernando Beach, Brighton, Michigan, and Greenville, South Carolina.
• Capital expenditures for the first nine months of 2025 amounted to $139.3 million, with $53.8 million specifically allocated to growth initiatives in Greenfields and Edge-outs.