RCN Corp/DE – ‘8-K’ for 2/20/02 – EX-99.1

On:  Thursday, 2/20/03, at 4:32pm ET   ·   For:  2/20/02   ·   Accession #:  950172-3-570   ·   File #:  1-16805

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         4      9K 
 2: EX-99.1     Press Release                                          2±     8K 

EX-99.1   —   Press Release

[GRAPHIC LOGO OMITTED]RCN                                                       
The live wire of communications                                                 

CONTACT: Kevin Kuryla, RCN Investor Relations, 609-720-5863                     

RCN COMPLETES SALE OF NON-STRATEGIC NEW JERSEY
CABLE SYSTEMS FOR $245 MILLION

PRINCETON, NJ -February 19, 2003--RCN Corporation (Nasdaq: RCNC) announced today
that it had completed its sale of its central New Jersey cable systems to       
Patriot Media & Communications CNJ, LLC, a new company funded by the highly     
regarded private equity firm Spectrum Equity Investors and long-time cable      
entrepreneur Steve Simmons, who will serve as Chairman and CEO. The             
approximately $245 million cash sale, first announced on August 27, 2002, will  
give Patriot ownership of systems currently in operation in 31 communities in   
Somerset, Morris, Mercer and Hunterdon counties, serving approximately 80,000   
subscribers. The incumbent system became part of RCN in October 1997 through a  
spinout from the former C-TEC Corporation.                                      

"This sale is very positive for our investors as well as our core business. We  
started RCN with the goal of building fiber optic telecommunication networks in 
7 to 10 of the largest cities in America. We inherited the central New Jersey   
systems, which are best owned by someone who can continue to invest the capital 
to provide the services its subscribers deserve. Steve Simmons has committed    
Patriot to do that. RCN can now use the proceeds of the sale to invest in our   
other markets," said RCN Chairman and CEO, David C. McCourt.                    

RCN has upgraded over 25% of the central New Jersey systems, including          
Hillsborough and Franklin Townships and Millstone Borough. As part of the sale  
agreement, Patriot committed to RCN and the New Jersey Board of Public Utilities
to complete the rebuild of the central New Jersey systems.                      

Simmons is an experienced cable operator with an outstanding reputation for     
customer service. He has owned and operated more than 50 cable systems serving  
approximately 350,000 subscribers in 20 states.                                 

"We are looking forward to serving the customers of central New Jersey," said   
Patriot CEO Steve Simmons. "This is a highly desirable area for cable and high  
speed modem service and we are very pleased that the transaction has been       
completed so smoothly."                                                         

Morgan Stanley and Communications Equity Associates served as financial advisors
to RCN on this transaction.                                                     

About RCN                                                                       
RCN Corporation (Nasdaq: RCNC) is the nation's first and largest                
facilities-based competitive provider of bundled phone, cable and high speed    
Internet services delivered over its own fiber-optic local network to consumers 
in the most densely populated markets in the U.S. RCN has more than one million 
customer connections and provides service in the Boston, New York,              
Philadelphia/Lehigh Valley, Chicago, San Francisco, Los Angeles and Washington  
D.C. metropolitan markets.                                                      

About Patriot Media & Communications, LLC                                       
Patriot Media & Communications, LLC, is engaged in the buying and operating of  
cable television systems. Headed and partly owned by noted cable TV veteran     
Steve Simmons, it is dedicated to providing advanced services such as high-speed
data and digital programming along with the very best of customer service to    
cable subscribers. The primary investor in Patriot is Spectrum Equity Investors,
a private equity firm specializing in media and communications investments, with
capital under management of $3 billion. Patriot is continuing to aggressively   
seek other cable acquisitions.                                                  

Dates Referenced Herein

This ‘8-K’ Filing		Date		Other Filings
Filed on:		2/20/03		None on these Dates
		2/19/03
		8/27/02
For Period End:		2/20/02
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