Magnet Entertainment, the Home Services division of Magnet Networks, was established in 2004 when Magnet was founded by Columbia Ventures Corporation (CVC) and the decision was made to bring Triple-Play Next Generation IP Network services to Ireland. The original Magnet network was built using fiber optic cable going directly to the homes and apartments of many leading new developments. ThoUnited Statesnds of dwellings are now part of this Fiber-To-The-Home network, the largest in Ireland or the UK, and voice, internet and video services are delivered over it.
Subsequently, the decision was made to bring these same capabilities to more people in Ireland and an intensive construction program was undertaken which resulted in the largest “unbundling” of telecom exchanges in Ireland. Unbundling means that we have placed our own equipment in eircom central offices and can now offer services over the copper lines from those exchanges without using eircom’s equipment. We have installed modern Digital Subscriber Line equipment in 40 exchanges, in order to provide a variety of services. Thus, Magnet can offer products that are independent of eircom, unlike most companies that simply re-sell eircom services. As a result of this investment, Magnet now offers its unique services in most of Dublin, Galway, Cork, Limerick, Waterford and Portlaoise. We transport almost all of the traffic to and from these exchanges and on to the internet, phone system or video headend over fiber and we do not ask our customers to share their line with anyone, unlike eircom for their most popular products.
CVC, the parent of Magnet Networks, is an American company owned by Kenneth D. Peterson, Jr. whose great-great-grandfather and -grandmother emigrated from Ireland in the mid-19th century. CVC owns equity in a number of telecom companies around the world, including the largest privately owned telecommunications company in the northeastern United States. Columbia Ventures also owns and operates Hibernia Atlantic, which is co-located with Magnet in the Clonshaugh Industrial Estate in north Dublin. Hibernia Atlantic owns the only submarine fiber optic cable connecting Ireland directly to North America and the UK. Hibernia has also just completed installing the Kelvin Project in the north of Ireland to bring the advantages of fiber optics to that area as well as Letterkenny, Dundalk, Drogheda and Monahan.