Millennium Digital Media loses black ownership

Millennium Digital Media loses black ownership

St. Louis-based cable television and telecommuni- cations provider Millennium Digital Media (No. 41 on the BE INDUSTRIAL/SERVICE 100 list with $102.3 million in sales) changed its business strategy and, as a result, will lose its minority-ownership status, making it ineligible for inclusion on the 2007 BE INDUSTRIAL/SERVICE 100 listing. In order to upgrade its network and introduce new products and services, Millennium has increased its working capital by bringing in additional investors.

Last year, Millennium signed a letter of intent to sell off two-thirds of its cable systems to Wave Division Holdings L.L.C., a Kirkland, Washington-based Internet and telephone services company, for about $150 million to $200 million. Millennium services about 120,000 customers in the states of Washington, Oregon, Michigan, and Maryland.

Kelvin Westbrook, co-founder of Millennium, says due in part to a substantive initiative — including plans to explore new business opportunities — the sale agreement was rescinded late last year. “We decided to bring in some additional investors and capital and, as a result of this capital infusion, we will no longer be a minority-owned business,” says Westbrook, the company’s chairman and chief strategic officer. “I will still be actively involved in all future business activities of the company.” Westbrook says the additional resources will enable Millennium to focus on long-term goals and acquisitions. Millennium is a privately held company and would not disclose its current financial data or the names of new investors.