Bell Atlantic To Sell Interest In New Zealand TV Company.NEW YORK--(BUSINESS WIRE)--August 26, 1997--Bell Atlantic (NYSE NYSE See: New York Stock Exchange : BEL) announced today that it has reached agreement to sell its interest in Sky Network Television Limited, a New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. subscription television company, to Independent Newspapers Limited (INL INL Idaho National Laboratory INL Inner Nuclear Layer INL Instituut voor Nederlandse Lexicologie INL Integral Non-Linearity INL International Narcotics and Law Enforcement Affairs Bureau (US Department of State) ) of New Zealand. Bell Atlantic owns an interest in Sky through a 24.5-percent stake in HKP HKP Hook Up HKP Horowitz Keyserver Protocol (cryptography) HKP Hong Kong Professionals Partnership of New Zealand. All investors in HKP have agreed to sell their stakes to INL. The financial impact of the sale will be a gain to be recorded in the third quarter of 1997. Closing is subject to receipt of various third-party consents and is expected to take place during the third quarter. Bell Atlantic has a major presence in Asian communications through investments and partnerships including Telecom Corporation of New Zealand, BayanTel of the Philippines, Excelcomindo in Indonesia, TelecomAsia in Thailand, and FLAG, the world's longest undersea fiber optic cable Noun 1. fiber optic cable - a cable made of optical fibers that can transmit large amounts of information at the speed of light fibre optic cable transmission line, cable, line - a conductor for transmitting electrical or optical signals or electric power . The FLAG cable will connect Japan, Korea, China, Malaysia, Thailand and India to the Middle East and Europe. The new Bell Atlantic -- formed through the merger of Bell Atlantic and NYNEX NYNEX New York-New England & X for the Unknown (Telephone Company) NYNEX New York Network Exchange -- is at the forefront of the new communications, information and entertainment industry. With 40 million telephone access lines and 5.5 million wireless customers worldwide, Bell Atlantic companies are premier providers of advanced wireline voice and data services, market leaders in wireless services and the world's largest publishers of directory information. Bell Atlantic companies are also among the world's largest investors in high-growth global communications markets, with operations and investments in 21 countries. CONTACT: Bell Atlantic, New York Jim Crosson 212/395-0500 |
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