WireDog, the dog-crate wire company, has agreed to a $50-million deal to buy an 18 percent stake in a U.S. cable provider.
WireDog CEO Mark Stedman announced the deal at the company’s annual investor conference, which is being held in London this week.
Wiredog will own a 25 percent stake and cable company Comcast Cable will own an 8 percent stake.
“This acquisition will allow us to accelerate our turnaround strategy and build on our strong platform of over 50 years of cable business,” Stedmen said in a statement.
“We believe this transaction will help us deliver on our growth and create a better future for all of us.
I look forward to the opportunity to work with our customers, employees and partners to continue our transformation to a better business.”
Comcast and Cable did not immediately respond to Axios’ request for comment.
The deal comes amid a shakeup of the cable industry.
The cable industry has been battling a rise in Internet subscriber losses, including those from Dish Network and DirecTV, as it looks to expand its footprint in new markets.
Cable companies have struggled with the competition from streaming video services, which have exploded in popularity in recent years.
But Stedmans said the cable business is “underperforming” due to its dependence on high-speed Internet and mobile Internet service.
“The cable business continues to be underperforming relative to the Internet,” StEDMAN said.
“As we continue to scale our business, we’re seeing an increasing number of businesses and customers choosing to switch to alternative providers of high-quality broadband Internet,” he added. “
Wiredogs founders said they hope to eventually make the wire-dog business more profitable. “
As we continue to scale our business, we’re seeing an increasing number of businesses and customers choosing to switch to alternative providers of high-quality broadband Internet,” he added.
Wiredogs founders said they hope to eventually make the wire-dog business more profitable.
The company is focused on bringing its products to markets around the world and developing its products into an integrated package for use in cable systems.
“Our mission is to make the cable experience as simple as possible for the end user and help them achieve their most productive work,” Stingmans said.
Wire dogs are currently used to store and transport dog poo.
Wire Dogs, based in the U.KS., currently offers its wire dogs to dog owners across the country.
It began selling wire dogs in 2013 and has been sold in the United Kingdom since 2014.
Wire Dog said it was the fastest growing wire dog business in the world in 2018, generating over $4.7 billion in revenue.
Wire dog products include wire crates, wire cages, wire dog crates for dogs, wire dogs for cats, wire cats, dog collar, wire collars, wire collar holders, wire cat collars and wire dog collars for dogs.
Wire Labs and WireDog said they are evaluating a possible sale of Wire Dogs to a new buyer.
“WireDog continues to invest in our business and we are extremely proud of the product we have created over the last decade,” said Kevin Miller, Wire Labs’ chief executive officer.
“Over the past decade we have seen great progress on the wiredog business, and we will continue to see great success with this purchase. “
I would like to thank Mark for his time and for his vision and vision for the future of wiredog,” Miller added.
We look forward working with the new owners of WireDog on this transaction.” “
While the wire dog industry has grown dramatically in recent times, we believe the cable and wireless industries are currently the two leading players in this industry.
We look forward working with the new owners of WireDog on this transaction.”
The deal was first reported by The Wall Street Journal.