Cedar Rapids, Iowa News, Sports, and Weather
ImOn Receives Equity Investment from The Gazette Company
By Dave DeWitte, Reporter
CEDAR RAPIDS, Iowa - ImOn Communications has received an equity investment from The Gazette Company, ImOn announced Tuesday.
Cedar Rapids-based ImOn Communications provides cable TV, high speed Internet, telephone and data services to a majority of Cedar Rapids and Marion, and is expanding services into Hiawatha.
The Gazette Company, based in Cedar Rapids, owns and operates KCRG-TV9, The Gazette daily newspaper and websites that include TheGazette.com, KCRG.com & others.
The amount of the investment and other terms were not disclosed. The Gazette Company will have one seat on ImOn's board of directors.
ImOn Communications was formed five years ago primarily by local investors who acquired cable assets owned by McLeodUSA.
In a prepared statement, ImOn Chairman Steve Gray described the deal as an "investment in the community." He said the equity infusion will enable ImOn to continue to enhance its infrastructure in the area of Internet speeds, cable TV offerings and reliable phone service.