AT&T and Cablevision Complete Cable Systems Transaction.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 8, 2001 AT&T (NYSE NYSE See: New York Stock Exchange : T) and Cablevision Systems Corporation (NYSE: CVC See CSC. ) today announced the completion of two separate agreements for the transfer of cable systems. In the transactions, AT&T received cable systems serving 358,000 subscribers in Boston and Eastern Massachusetts. In return, Cablevision acquired systems serving approximately 130,000 subscribers in the northern New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of suburbs, and approximately $870 million in stock, or 44 million shares of AT&T common stock, and approximately $300 million in cash. With the completion of the transaction, the Boston-area system forms AT&T's largest cluster, passing approximately 3.5 million homes and serving nearly 2 million customers. Cablevision acquired AT&T cable systems (operated formerly by MediaOne) in Westchester, Rockland, Putnam, Orange, Ulster and Dutchess counties in New York There are sixty-two counties in the State of New York. Five of these are boroughs of New York City and do not have functioning county governments. New York City encompasses five counties, and is the county seat of all five of them: New York County (Manhattan), Kings County (Brooklyn), in the exchange transaction. With the completion of the transaction, Cablevision's New York-area cluster now passes more than 4 million homes and serves approximately 3 million households in New York, New Jersey and Connecticut, the nation's largest cable system cluster. AT&T (NYSE:T) is one of the world's leaders in telecommunications services and technology. AT&T Broadband, a business unit of AT&T, is the nation's largest broadband services company, providing television and entertainment services to more than 16 million customers across the nation. The company also provides advanced services, such as AT&T Digital Cable, high-speed cable Internet services, and competitive local and long distance phone service. Cablevision Systems Corporation is one of the nation's leading entertainment and telecommunications companies. Its cable television operations serve more than 3 million households in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . The company's advanced telecommunications offerings include its Lightpath integrated business communications services and its Optimum-branded high-speed Internet service. Cablevision's Rainbow Media Holdings, Inc. subsidiary operates programming businesses including American Movie Classics, Bravo, FOX Sports Net and other national and regional services. Cablevision also owns a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail and operates Madison Square Garden Current arenas in the National Hockey League Western Conference Eastern Conference and its sports teams including the Knicks and Rangers. The company operates New York's famed Radio City Music Hall Radio City Music Hall New York City’s famous cinema; home of the Rockettes. [Am. Hist.: NCE, 2338] See : Theater and owns and operates THE WIZ consumer electronics stores and Clearview Cinemas in the New York metropolitan area. Additional information about Cablevision Systems Corporation is available on the Web at www.cablevision.com. |
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