Rogers Communications buys Hamilton cable operator Source for $160 million

TORONTO – Rogers Communications (TSX:RCI.B) has struck a deal to pay $160 million for Source Cable Ltd., Hamilton’s last remaining independent cable company.

The telecommunications company says the acquisition will give it access to 26,000 potential households in the area.

Rogers spokeswoman Patricia Trott said Source Cable currently has about 20,000 customers.

The transaction is expected to close in the fourth quarter.

Source Cable was founded by the Campbell family in 1974 under the name Southmount Cable Ltd.