---
title: EarthLink Is Being Sold to Broadband Veteran Steve Weed's Firm and Two Co-Investors
description: WaveDivision Capital, The Pritzker Organization and Stephens Capital Partners agreed to buy EarthLink. Trive Capital keeps a stake; no price was disclosed.
author: Darie Nani (Editor-in-Chief)
date: 2026-10-16T11:26:54.091Z
updated: 2026-10-16T11:26:54.104Z
canonical: https://www.sovereignmagazine.com/article/earthlink-sold-wavedivision-capital-steve-weed
image: https://cdn.nanimediahouse.com/pexels-construction-worker-in-wellington-carrying-blue-cables-weari-31832305.jpg
categories: Business
content_type: News
region: United States
publication: Sovereign Magazine
schema_type: Article
---

WaveDivision Capital, the investment firm run by broadband executive Steve Weed, has agreed with The Pritzker Organization, Stephens Capital Partners and EarthLink's management team to buy EarthLink, the Atlanta internet provider founded in 1994, the parties said on October 15. They did not disclose a price.

EarthLink says it serves more than 500,000 internet and managed services customers across the country. Trive Capital, the private equity firm selling the business, will keep a minority investment, and Bank Street Group advised WaveDivision Capital.

## Weed Founded Wave Broadband and Was Executive Chairman of Ziply Fiber, Which BCE Bought for US$3.65 Billion

Weed founded Wave Broadband and was its chief executive from 2002 to 2018. He was also executive chairman of Ziply Fiber, which [BCE, the parent of Bell Canada, bought on August 1, 2025](https://searchlightcap.com/news/bce-completes-acquisition-of-ziply-fiber-accelerating-its-fiber-growth-strategy/) for US$3.65 billion in cash plus about C$2.6 billion in assumed net debt. BCE called Ziply the leading fiber internet provider in the Pacific Northwest, and the purchase added 1.4 million locations to Bell's fiber footprint in the United States.

BCE appointed Weed a director of BCE Inc. and Bell Canada in November 2025, describing WaveDivision Capital, where he is chief executive, as an investment firm that aims to bring better broadband to more homes and businesses in the United States and Canada.

## EarthLink Owns Networks in 11 States and Washington, D.C., and Resells Carrier Capacity Elsewhere

EarthLink owns and operates fiber and fixed wireless networks in 11 states and Washington, D.C. Outside those markets it sells internet service over national carriers' networks, where EarthLink sets the pricing, terms and customer support and the carrier owns and maintains the physical lines.

EarthLink assembled its owned markets through five acquisitions in 2023 and 2024. It bought One Ring Networks of Athens, Texas, in July 2023 and picked up Telegia in Maryland through One Ring that year. It then acquired QX.net in Kentucky in February 2024, BroadAspect in Virginia that April and Nextera Communications in Minnesota in October 2024.

Counting its own lines and its partners', EarthLink says it can offer fiber internet to more than 68 million homes, and that its fiber service reaches 45% of ZIP codes in the continental US. It sells fiber plans of up to 5 gigabits a second, as well as 5G home internet and satellite internet.

Weed called EarthLink "a unique, asset light national broadband platform."

## Windstream Sold EarthLink's Consumer Business to Trive for $320.9 Million in 2018

Windstream Holdings completed its merger with EarthLink Holdings Corp. on February 27, 2017. On December 31, 2018, Windstream sold the former EarthLink consumer business to an affiliate of Trive Capital Fund III and nQue Technologies for $320.9 million in cash, net of a working capital adjustment, according to Windstream's 2018 annual report.

When Trive announced the purchase in January 2019, EarthLink sold internet access, premium email, web hosting, and privacy and data security products to more than 600,000 customers. Trive also bought the assets of nQue Technologies, whose co-founder Glenn Goad became EarthLink's chief executive and still runs the company.

## The New Owners Plan to Take EarthLink Into New Markets

Goad said the plan is "to expand our footprint into new markets and continue to bring these offers to more consumers and small businesses." The companies have not named those markets, said whether the deal has closed or when it will, or said whether anything will change for EarthLink customers' plans or prices.

## FAQ

**Q: Who founded EarthLink?**
Sky Dayton founded EarthLink in 1994. The company is headquartered in Atlanta and is privately held.

**Q: Where does EarthLink own its own network?**
EarthLink owns and operates fiber and fixed wireless networks in Arizona, California, Georgia, Kentucky, Maryland, Minnesota, Pennsylvania, Texas, Virginia, Washington D.C., West Virginia and Wisconsin. Everywhere else it resells service over national carriers' networks.

**Q: Are EarthLink and AT&T the same?**
No. EarthLink is a separate, privately held company headquartered in Atlanta, not part of AT&T.

**Q: Is EarthLink still in business, and how much of the country does it cover?**
Yes. EarthLink says its owned and partner networks together cover 98% of ZIP codes in the contiguous 48 states with a high-speed internet product.