RCN Corporation - Introduction

Introduction

105 Carnegie
Center Princeton, New Jersey 08540
U.S.A.

Telephone: (609) 734-3700
Toll Free: (609) 746-4726
Fax: (609) 734-6164
Web site: http://:www.rcn.com

Public Company
Incorporated: 1997
Employees: 2,537
Sales: $484.9 million (2003)
Stock Exchanges: Over the Counter
Ticker Symbol: RCNI
NAIC: 513310 Wired Telecommunications Carriers

RCN Corporation is a Princeton, New Jersey-based company known as an "overbuilder" in the cable television industry. It establishes a cable and communications network in markets already served. However, unlike previous overbuilders that simply relied on cable, RCN has attempted to succeed by adding other revenue streams such as high-speed internet, local telephone, and long distance telephone and by offering their services in an attractively priced bundle to pry customers away from their long-time cable and communications providers. RCN operates in select, densely populated markets, serving more than one million customer connections in Boston, New York, Philadelphia, Washington, D.C., Chicago, Los Angeles, and San Francisco. Once a high-flying company able to attract investments from the likes of Hicks, Muse, Furst Inc., and Paul Allen of MicroSoft fame, RCN has been derailed by the meltdown of the tech sector in 2000. With its stock selling for just pennies on an over-the-counter basis, RCN underwent a Chapter 11 bankruptcy reorganization in 2004.