CT: Charter Communications to Invest $10M, Create 200 Jobs in Stamford
5 Oct, 2012
Governor Dannel P. Malloy announced that Charter Communications, Inc., a Fortune 500 company and the fourth-largest cable operator in the United States, plans to establish its headquarter office in downtown Stamford.
Charter will invest more than $10 million and intends to bring 200 jobs to the area, which includes the majority of its executive officers. Charter will lease an approximately 70,000-square-foot-space at 400 Atlantic Street.
“Connecticut is competing at every opportunity to attract and retain good paying jobs with good benefits, and strengthen our position in key industry sectors in the process.
Charter’s decision to make Stamford its headquarters serves both of these objectives,” Governor Malloy said. “Connecticut is quickly becoming a place where growth industries can thrive. Whether it’s bioscience, digital media, or another emerging sector of the economy, the message that Connecticut is open for business is clearly taking hold.”
With operations in 25 states across the country, Charter provides a full range of broadband services including digital cable, high-speed Internet and telephone services to residential and commercial customers. The Stamford office will serve as Charter’s headquarters and Charter will maintain its corporate offices in St. Louis, Missouri and Denver, Colorado.
“Establishing a corporate presence in Stamford is one of many actions we have taken to position Charter for long-term growth. In addition to our cable operations in Connecticut, access to the talent base, the transportation infrastructure, and the proximity to other media headquarters and financial markets made Stamford a logical alternative,” said Tom Rutledge, Charter President and CEO. “The State of Connecticut and Governor Malloy’s commitment and package of incentives offered made it compelling for us to decide on Stamford.”
Charter is the ninth company to participate in the “Next Five” program, which is administered by the Connecticut Department of Economic and Community Development (DECD).
In consideration of the company’s commitment to create 200 corporate jobs, DECD will provide a 10-year loan of $6.5 million at two percent, with principal payments deferred for three years. The funding will go toward Charter’s costs for tenant improvements and the purchase of furnishings and office equipment. The loan, or a portion of it, may be forgiven if certain job milestones are met. It also includes funding provisions for future job growth.
“This is the latest in a string of impressive economic development wins for Stamford, which continues to build its reputation as a destination for media, as well as financial services,” Stamford Mayor Michael Pavia said. “The high-paying jobs with good benefits these companies bring have multiplier effects, encouraging growth in other areas of our city’s economy.”
Charter (NASDAQ: CHTR) is a leading broadband communications company and the fourth-largest cable operator in the United States. Charter provides a full range of advanced broadband services, including advanced Charter TV® video entertainment programming, Charter Internet® access, and Charter Phone®. Charter Business® similarly provides scalable, tailored, and cost-effective broadband communications solutions to business organizations, such as business-to-business Internet access, data networking, business telephone, video and music entertainment services, and wireless backhaul. Charter’s advertising sales and production services are sold under the Charter Media® brand. More information about Charter can be found at www.charter.com.