• by David Goetzl  @dgoetzl, November 15, 2010

One of the 10 largest cable operators looks to be going private. Mediacom has a deal with CEO Rocco Commisso, where the executive will buy the shares he doesn't own for $8.75 each, 22% above Friday's closing price.

Investors, however, bid the share price up to $8.38 Monday, suggesting shareholders who have to approve the deal may be able to get more for their money.

Commisso, who founded the company, has been trying to take it private since at least May, when he made an initial $6 a share offer. Upon a recommendation of several independent directors, the board of directors has voted in favor of the $8.75 privatization, a 46% premium above his original offer. Mediacom said the transaction should be completed early next year.

Mediacom reported 850,000 video customers as of June 30. Revenues through the first six months of this year rose about 3% to about $746 million. In the third quarter, Mediacom said revenues were up 3% to $374.4 million. It posted a $4 million loss, down from $10 million in the period a year ago.

Earlier this year, on August 31, Commisso withdrew his offer to buy out shareholders and take the company private.