Thames Valley Communications formally transferred ownership of its cable company to Council Tree Partners on Friday, a decision the Groton City Council and Groton Utilities had approved earlier.
The company’s name will remain Thames Valley Communications and the service center will stay in the city's municipal building, the company said in a press release. Customers will see no interruption in service.
"Unlike our nationally-focused competitors, our employees live and work here, right in the Thames Valley, from Groton to the Pawcatuck River,” Bill Pearson, TVC's new president and chief executive officer, said in a prepared statement.
“We intend to be actively involved in the community. If we have one message for the citizens and businesses of the Thames Valley, it is that the TVC is here to stay and we hope you continue to support this local business."
The city started Thames Valley to give viewers choice and eventually turn a profit. The city borrowed $34.5 million from 2006 to 2008 to build and expand the network; then everything went wrong. The economy collapsed. AT&T tried to move in and Comcast went about defending its territory.
CTP Investors, LLC bought the network for $150,000.
Groton City Mayor Marian Galbraith said the transition was a long process she’d worked on with the council and utilities commission since her term began.
“At this point, we are confident we have established the best route forward,” she said in a prepared statement. “I wish the new owners and their employees well in their venture and hope our citizens will join me in continuing to support this vital local company."