• by David Goetzl , March 4, 2011

Cable operator Mediacom is now a private company. Shareholders overwhelmingly approved the move that has CEO Rocco Commisso buying them out at $8.75 a share. More than 97% of the public shareholders voted for the deal Friday.

The stock was trading at $4.47 at the end of 2009, although it rose to $8.86 at one point Friday.

"Our management team and fellow employees can now focus full-time on delivering the best experience to our customers," Commisso stated. "I am excited for the company and our employees as we enter a new chapter in our history."

There will also be some cost savings that come with being private. Mediacom will no longer have a need to try to meet Wall Street expectations every three months.

Mediacom is a top-10 cable operator that had 535,000 video customers as of Sept. 30, 2010. That's down from 561,000 in 2009 at the same point.

A special committee of the Mediacom board had recommended accepting the $8.75 offer last fall.