UPDATED: Source Cable sold to Rogers for $160 million

HAMILTON and TORONTO – Rogers Communications announced today in its third quarter results that it has purchased Hamilton’s remaining independent cable company, Source Cable, for $160 million.Source Cable is a cable, Internet, and phone service provider with approximately 26,000 homes passed and 43,000 total service units, says the Rogers press release. For years it was known as Southmount Cable, before a rebranding effort in 2003.The company has approximately 16,000 basic cable customers, however that figure is not in the press release. Using that number, the traditional cable valuation metric over the decades, means the company was sold for approximately $10,000...