COX, TIMES MIRROR ANNOUNCE PROGRAMMING PARTNERSHIP WITH COMCAST, CONTINENTAL.ATLANTA--(BUSINESS WIRE)--July 27, 1995--Cox Communications, Inc., today announced that it has signed an agreement to add Comcast Corporation and Continental Cablevision, Inc., as equity partners in its cable programming partnership with Times Mirror Company. In addition, Comcast and Continental anticipate launching the partnership's two planned programming services, Outdoor Life and Speedvision, on a broad-scale basis. Cox is already planning to carry both channels on its expanded basic service reaching 3.2 million customers. The restructuring reduces Times Mirror's ownership stake to 10 percent. Although initially Cox will be the largest shareholder, the agreement provides for an opportunity for Comcast, Continental and Cox to eventually become equal partners in the venture. The Times Mirror and Cox programming partnership was originally announced in June 1994 when Times Mirror and Cox agreed to merge their cable television operations. In April 1995, the terms of the partnership were refined to equalize e·qual·ize v. e·qual·ized, e·qual·iz·ing, e·qual·iz·es v.tr. 1. To make equal: equalized the responsibilities of the staff members. 2. To make uniform. the ownership and control of the venture by the two companies. The reduction of Times Mirror's equity ownership reflects the company's stated commitment to focusing on its core businesses of newspapers, professional information and magazine publishing. "We're delighted to have Comcast and Continental join this partnership," said Ajit Dalvi, Cox Senior Vice President, Marketing and Programming, who will oversee this investment on behalf of Cox. "They will make it stronger by providing access to some of the most important markets in the country." Continental Vice Chairman Tim Neher said, "In this competitive era, it is becoming increasingly important for cable operators to make strategic investments in the content businesses. Our participation in this programming venture is a major step in this direction. In comparison with the myriad possibilities for programming investments presented by entrepreneurs looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. money and distribution, we found the opportunity to invest in Outdoor Life Channel and Speedvision especially attractive because it is a combination of the right concepts, the right partners and the right management talent." Comcast President Brian L. Roberts Brian L. Roberts is Chairman and CEO of Comcast Corporation, an American company providing cable, entertainment and communications products and services. He is the son of Comcast co-founder Ralph J. Roberts. added, "We believe that in addition to providing special interest programming, both Outdoor Life and Speedvision have the potential to become specialty video retailing outlets for a variety of merchandise. Our experience with QVC QVC Quality Value Convenience QVC Question Valid Command makes these types of programming services especially appealing." According to Jim According to Jim is an American situation comedy television series originally broadcast by ABC. The show premiered with little publicity in October 2001, following the surprise hit comedy My Wife and Kids. Robbins, President and Chief Executive Officer of Cox Communications Cox Communications is a privately owned subsidiary of Cox Enterprises providing digital cable television and telecommunications services in the United States. It is the third-largest[2] cable television provider in the United States, serving more than 6. , "We have a long history of very successful and rewarding partnerships with both Comcast and Continental. I believe that our new programming venture will follow this pattern. Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , the three companies have a common vision and a common agenda in developing the synergies between their content and distribution businesses. As we know so well, such a common vision is critical for the success of any partnership." Outdoor Life, a 24-hour network of original and acquired programming dedicated to outdoor activities, is very close to being ready for roll out, said Roger Werner, President and Chief Executive Officer of both Outdoor Life and Speedvision. Speedvision, the first network for automotive, marine and aviation enthusiasts, is scheduled to debut in the first quarter of 1996. "Plans for Outdoor Life and Speedvision are on track," Mr. Werner said. "However, compared to our original target, we may have a slight delay in launching Outdoor Life due to the changes in the ownership structure and the need to focus on completing the related formalities. At the same time, the new partners will make a much stronger launch possible. We think that's better business in the long run." "The cable television channels are excellent properties with outstanding management and real growth potential," said Mark Willes, President and Chief Executive Officer of Times Mirror. "The addition of Comcast and Continental as partners will strengthen the enterprise." Times Mirror (TMC TMC Technology Marketing Corporation (Norwalk, Connecticut) TMC Texas Medical Center (Houston, TX) TMC Traffic Message Channel TMC The Movie Channel TMC Traffic Management Center -- 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 and Pacific Stock Exchanges), a Los Angeles-based media and professional information company, publishes the Los Angeles Times Los Angeles Times Morning daily newspaper. Established in 1881, it was purchased and incorporated in 1884 by Harrison Gray Otis (1837–1917) under The Times-Mirror Co. (the hyphen was later dropped from the name). , Newsday, The Baltimore Sun, The Hartford Courant Cou`rant´ a. 1. (Her.) Represented as running; - said of a beast borne in a coat of arms. n. 1. A piece of music in triple time; also, a lively dance; a coranto. 2. , The Morning Call, The (Stamford) Advocate and Greenwich Time. The company also publishes consumer and trade magazines and a wide array of books, information and educational products for professional markets. Comcast Corporation is principally engaged in the development, management and operation of wired telecommunications, including cable television and telephone services, wireless telecommunications including cellular, personal communications services See PCS. and direct-to-home satellite television; and content through principal ownership of QVC, the world's premier electronic retailer, and other programming investments. The Company's consolidated and affiliated operations serve over 8 million customers worldwide. Comcast's Class A and Class A Special Common Stock are traded on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbols CMCSA and CMCSK, respectively. Headquartered in Boston, Continental Cablevision operates cable television systems in 16 states, principally in New England, California, the Midwest, Virginia and Florida. International ventures include telecommunications projects in Australia, Argentina and the Asia Pacific region. Continental is also an investor in Teleport Communications Group Teleport Communications Group (TCG) was the first Competitive local exchange carrier (CLEC) in the U.S. First formed in 1985, it competed with the existing telephone companies to provide dial tone and related services in the largest U.S. markets. (TCG (Trusted Computing Group, Beaverton, OR, www.trustedcomputinggroup.org) The successor to the Trusted Computer Platform Alliance (TCPA), announced in 2003 by founding members AMD, HP, IBM, Intel and Microsoft. ), PRIMESTAR Partners, and a variety of programming services, including Turner Broadcasting, E! Entertainment TV and Music Choice. Cox Communications, Inc., (NYSE NYSE See: New York Stock Exchange :COX) is a fully integrated, diversified broadband communications company with interests in domestic and international cable distribution systems, programming, and telecommunications technology. Its programming interests include investments in The Discovery Channel, The Learning Channel; E! Entertainment TV; UK Gold, an entertainment channel featuring BBC BBC in full British Broadcasting Corp. Publicly financed broadcasting system in Britain. A private company at its founding in 1922, it was replaced by a public corporation under royal charter in 1927. and Thames Television programming; UK Living, a cable network primarily targeted to women; the Spanish-language network GEMS; and Australian Information Media Pty. Ltd., which operates an all-news channel and an entertainment channel in Australia. CONTACT: Cox Communications, Atlanta Media: Ellen East, 404/843-5854 Analysts and Investors: Dallas Clement, 404/843-5677 or Times Mirror Company, Los Angeles Media: Martha Goldstein, 213/237-3727 Investors: Jean M. Jarvis, 213/237-3935 or Continental Cablevision, Boston Rob Stoddard, 617/854-3138 or Comcast Corporation, Philadelphia Bill Dordelman, 215/981-7550 |
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