Cox, TCI Announce Cable System Trades.ATLANTA--(BUSINESS WIRE)--Sept. 11, 1995--Cox Communications, Inc., and Tele-Communications, Inc. (TCI), 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 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, 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 Council Bluffs, city (1990 pop. 54,315), seat of Pottawattamie co., SW Iowa, on and below bluffs overlooking the Missouri River, opposite Omaha, Nebr.; inc. 1853. It was first settled by whites when the Mormons came in 1846 and dubbed the site Kanesville; when they left in 1852, the settlement was renamed Council Bluffs. An important supply point during the gold rush (1849–50), Council Bluffs was made the eastern terminus of the Union Pacific RR in 1863., Iowa; Chesapeake, Va; Scottsdale, Ariz; North Attleboro Attleboro (ăt`əlbərə), industrial city (1990 pop. 38,383), Bristol co., SE Mass., near the R.I. line; settled 1634, inc. as a city 1914. Its jewelry industry began in 1780; silverware, scientific instruments, and fabricated metal products are also made./Taunton, Mass; Lincoln, R.I; and St. Bernard, 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, 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: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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