* Cablevision to pay about $1.3 billion - source
* Bresnan drew final bids from seven suitors - source
(Adds details, background in paragraphs 6-8)
PHILADELPHIA, June 13 Cablevision Systems Corp
CVC.N plans to buy Bresnan Communications, majority-owned by
private equity firm Providence Equity Partners, for about $1.3
billion, a source familiar with the situation said on Sunday.
The deal is expected to announced on Monday, said the
source, who declined to be identified because they were not
authorized to speak with the media.
Bresnan, Cablevision and Providence could not be
immediately reached for a comment.
Bresnan, which was founded in 1984, provides communications
services such as high-speed Internet access, high-definition
television, video on demand, and digital telephone service to
residential and business customers.
Bresnan serves more than 320,000 customers in Colorado,
Montana, Wyoming and Utah, according to its website. The
company's auction follows last year's death of founder William
Cablevision beat out a competitive field of suitors that
included six other bidders in the final round last week, the
source said. Other suitors included Suddenlink Communications
and media mogul John Malone, said the source.
Providence bought Bresnan in 2003 and began exploring a
potential sale of the company in March. Minority stakeholders
in Bresnan include Comcast Corp (CMCSA.O) and private-equity
firm Quadrangle Group.
UBS AG UBSN.VX and Credit Suisse CSGN.VX advised the
(Reporting by Jessica Hall, editing by Maureen Bavdek and