RCN

Private-equity firm TPG has agreed to buy cable-television providers RCN and Grande Communications for about $2.25 billion including debt, according to people familiar with the matter, in a bet that demand for new broadband services will fuel growth in the businesses. Google Capital, Alphabet Inc.’s growth-equity investment fund, is taking a minority stake in the companies, which are currently owned by private-equity firm Abry Partners, some of the people said.

In a message to the two cable providers’ subscribers, the Allbritton ABC affiliate in Washington says it may be necessary to pull the station if a deal can’t be reached by Jan. 1.