Mediacom Communications managed to continue to squeeze profits out of its broadband business even as subscriber additions began to slow down in the second quarter, finishing the period with a double-digit increase in cash flow as revenue rose nearly 6%.

Mediacom reported $557 million in revenue in Q2, up 5.9% from the previous year, while adjusted Operating Income Before Depreciation and Amortization (OIBDA), a measure of cash flow, rose 15.2% to $251.2 million. It was the fourth straight quarter of double-digit cash flow growth at the company. Adjusted OIBDA increased by 15.2% in Q1 2021, 16.3% in Q4 2020, and 15.4% in Q3 2020, according to Mediacom. 

Most analysts expect broadband subscriber growth to slow down across the industry as the impact of the pandemic wanes, and such was the case at Mediacom, where broadband additions shrunk to 14,000 in Q2, down from the 47,000 it added in Q2 2020 at the height of the pandemic. Video customer losses of 15,000 were lower than the 17,000 the company lost in Q2 2020.  

Also Read: Comcast Soundly Beats Expectations in Q2

In a press release, Mediacom founder, chairman and CEO Rocco Commisso said the growth was largely due to the company’s decision to "transition to a broadband-centric strategy.

“Our streak of year-over-year revenue growth has now reached a remarkable 98 consecutive quarters, a testament to the perseverance of our dedicated employees in the face of numerous challenges encountered over the last 25 years,” Commisso continued. “Despite becoming a meaningful income taxpayer this year, we still managed to reduce our net debt by $232 million during the first half of 2021. Our lenders continue to benefit from our investment grade financial position, with Mediacom’s net leverage declining below 1.5x, the lowest in our history.”

Mediacom Communications was one of 49 businesses selected by Deloitte Private and The Wall Street Journal as one of 2021’s US Best Managed Companies. 

The program recognizes outstanding U.S. privately held companies with at least $250 million in annual revenue and the achievements of their management teams.  Awardees are selected based on their performance in four key categories: strategy, execution, culture and financials. Program designees join the global network of Best Managed Companies, which consists of more than 1,000 organizations in 30 countries. 

“After a challenging year for many businesses, it feels more important than ever to recognize the outstanding achievements of our 2021 US Best Managed Companies honorees,” Deloitte LLP vice chairman and U.S. Deloitte Private leader Jason Downing said in a press release. “These businesses are led by visionary and innovative management teams throughout the country and across industries. Their resilience and sustained commitment to their purpose, particularly throughout the COVID-19 pandemic, is inspiring. We welcome them into the program and look forward to their continued success.”

According to Deloitte, a panel of judges reviewed applications in March and selected this year’s honorees based on strengths across the four core criteria, and whose management teams excel amid change. Benefits of the program include access to a global community of peer business leaders and marketplace recognition.

“For over a quarter of a century, the dedicated men and women of Mediacom have worked tirelessly to ensure the smaller markets we serve receive the same or better telecommunications services as America’s largest cities,” said Mediacom founder, chairman and CEO Rocco Commisso in a press release. “During this past year, the team at Mediacom has gone above and beyond for our communities by rapidly connecting thousands of homes with low-cost internet services, supporting local food banks and preparing our advanced broadband network to meet the demands of more people than ever before working and studying from home. To be recognized as a 2021 US Best Managed Company in the midst of the economic and operating challenges caused by the coronavirus pandemic is a testament to our employees’ steadfast commitment to the core tenets of our business, and I thank them for making this honor possible.”

Mediacom Communications founder, chairman and CEO Rocco Commisso is close to purchasing iconic professional soccer franchise the New York Cosmos, with some reports claiming the cable baron could take control of the team as early as this week.

UPDATE, Jan. 10, 2017: It’s Official: Commisso Purchases NY Cosmos

The Cosmos plan to hold a press conference tomorrow morning (Jan. 10) at 11:30 a.m. to offer an update on the team's plans for the 2017 season. No further details were available but sources familiar with the situation said it is likely the fete is to introduce new ownership.

The Cosmos, once the home of soccer legends Pele, Giorgio Chinaglia and Franz Beckenbauer during its heyday in the 1970s, has fallen on hard times of late, reportedly furloughing workers and deep in debt.

Currently owned by Sela Sports and One Word Sports owner Seamus O’Brien, the Cosmos have lost as much as $30 million over the past several years, according to some reports.

About six players have already left the club, including 2016 league MVP Juan Arango, to sign with other teams.

The team also has been looking for a permanent home – it previously held games at Hofstra University’s Shuart Stadium in Long Island, but was ousted from that venue earlier. The team has been negotiating to play at MCU Park in Coney Island, N.Y., home of Class A minor league baseball team the Brooklyn Cyclones. The NASL regular season starts in April.

Commisso was seen as a savior for the team, which has been seeking a buyer for months.

One of the conditions of the deal was that the league the team plays in – the North American Soccer League – retain its Division II status with its parent league the MSL. That was achieved last Friday – governing body U.S. Soccer Federation granted provisional Division II status to the NASL as well as former Division III league the USL on Friday.

On its website, the Cosmos confirmed full participation in the NASL’s 2017 season, adding that the affirmation of the league’s Division II status “allows us to move forward with confidence.”

According to reports, Commisso was expected to pay back wages for players and front office staff once he assumed control of the team. O’Brien is expected to retain a minority interest.

Reports began to surface last week that Commisso was in line to purchase the Cosmos. A native of Calabria, Italy, Commisso was a college soccer star at Columbia University, where he served as co-captain of the soccer team in the 1970s and was invited to try out for the 1972 U.S. Olympic Soccer squad. Columbia named its soccer stadium after Commisso in 2013,  acknowledging his strong support of the soccer program over the years. He is still an avid fan of the sport and is said to have an encyclopedic knowledge of the game.

Mediacom said Tuesday that it has promoted Joseph Commisso to Group Vice President of Corporate Finance, reporting to executive vice president, chief financial officer and treasurer Mark Stephan.

Commisso, whose father Rocco founded Mediacom and serves as its chairman and CEO, will be actively involved in all aspects of the Corporate Finance Department’s activities, including debt financing, banking relationships, investor relations, external financial reporting, corporate strategy, business development, portfolio investment and liability management.

Joseph Commisso joined Mediacom in 2006 on a full-time basis and most recently served as Vice President, Financial Operations and Corporate Strategy, where he developed and managed the enterprise data warehouse and business intelligence systems.  Since the Company’s founding in 1995, he has played an integral part in Mediacom’s growth and has held various internships in financial operations, field management, programming, acquisition due diligence and information technology.

A graduate of Columbia University with a Bachelor of Science degree in civil engineering, Commisso also completed the Cable Executive Management program sponsored by the CTAM Educational Foundation at Harvard Business School.  He serves on the board of directors of both the Hudson Valley Economic Development Corporation and the alumni advisory group, Friends of Columbia Soccer.