Cox, TCI Announce Cable System Trades.ATLANTA--(BUSINESS WIRE)--Sept. 11, 1995--Cox Communications, Inc., and Tele-Communications, Inc. (TCI (Trustworthy Computing Initiative) An umbrella term from Microsoft for its efforts to improve security in Windows. TCI was announced in 2002 after viruses such as Code Red and Nimda had succeeded in attacking numerous Windows computers. ), today announced a letter of intent to trade cable television systems representing approximately 600,000 customers. Closing of the transaction is expected in mid-1996, pending legal and regulatory approvals. Financial details of the transaction were not disclosed. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the terms of the agreement, each company will receive approximately 300,000 new customers in areas that are contiguous or advantageous to locations where the companies already have a significant presence. TCI will receive Cox's systems in the greater Pittsburgh area; Spokane, Wash.; Springfield, Ill; Cedar Rapids Cedar Rapids, city (1990 pop. 108,751), seat of Linn co., E central Iowa, on the Cedar River; inc. as a city 1856. The second largest city in Iowa, it is named for the surging rapids in the river. , Iowa, and the Quad Cities area of Illinois and Iowa; and Saginaw, Mich. Cox will receive TCI's systems in Bellevue/LaVista, Neb., and Council Bluffs, Iowa Council Bluffs is the county seat of Pottawattamie County, Iowa, United States[1] and is on the east bank of the Missouri River. As of a 2006 census estimate, the city had a total population of 60,271. ; Chesapeake, Va; Scottsdale, Ariz; North Attleboro/Taunton, Mass; Lincoln, R.I; and St. Bernard St. Bernard a very large (110-200 lb) dog with massive, broad head, medium-sized ears lying close to the head, and a long tail. There are two varieties, the most familiar (rough) has a long, thick coat, while the smooth variety has a shorter coat, lying close to the body. , La. "Trades are an integral part of our going forward strategy," said Jim Robbins, President and Chief Executive Officer of Cox Communications. "This is our most significant step to date in our portfolio enhancement, and further strengthens some of our major operating systems. All of the properties we receive are contiguous to existing systems; critical mass in these key markets will better position us to compete in the future broadband marketplace of video, data and voice services." "These Cox properties further our strategy of increasing TCI's presence in key markets and developing regional clusters of systems," said Brendan Clouston, President and Chief Executive Officer of TCI Communications. "That strategy is based on providing the widest variety of telecommunications services to our customers at a fair price. This agreement strengthens our ability to provide those services in a competitive environment." Daniels and Associates is advising the parties on this transaction. Tele-Communications, Inc. is traded on the Nasdaq National Market with Class A and Class B Common Stock, and Class B Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , trading separately under the symbols of TCOMA, TCOMB and TCOMP TCOMP Time of Completion , respectively. In addition, TCI is a majority stockholder in Tele-Communications International, Inc., which is traded on the Nasdaq National Market under the symbol TINTA. Cox Communications, Inc., (NYSE NYSE See: New York Stock Exchange :COX) is the nation's fourth largest multiple system operator, serving 3.2 million customers. Cox is a fully integrated, diversified broadband communications company with interests in domestic and international cable distribution systems, programming, and telecommunications technology. CONTACT: Cox Communications, Inc. Ellen East, 404/843-5854 (media) Dallas Clement, 404/843-5677 (analysts & investors) or Tele-Communications, Inc. Larae Schlichting, 303/267-5277 (media) Steve Smith, 303/267-5048 (investors) |
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