Cox Communications Acquires Cable Television Systems from AT&T.Business Editors ATLANTA--(BUSINESS WIRE)--March 15, 2000 Cox exchanges AT&T stock, gets cable systems and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 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. , Inc. (NYSE NYSE See: New York Stock Exchange : COX) announced today that it has completed the exchange of its AT&T stock for an entity that was formed to own cable television systems serving approximately 485,000 customers, and other assets including cash. Under terms of the agreement announced in July 1999, Cox exchanged its 50.3 million shares of AT&T stock for an entity owning:
-- The AT&T Broadband & Internet Services (AT&T BIS) cable systems
serving Tulsa, Oklahoma (159,000 customers) and Baton Rouge,
Louisiana (151,000 customers)
-- AT&T BIS's 20% ownership in a partnership with the former TCA
Cable TV, representing 62,000 attributable customers in Texas,
Louisiana and New Mexico. (Cox acquired TCA in August 1999.)
-- Peak Cablevision, formerly owned by AT&T BIS and the Fisher
family and serving 113,000 customers in Oklahoma, Arkansas, Utah
and Nevada
-- Approximately $750 million in other assets, including cash
Based on Tuesday's closing price of AT&T's stock, the transaction is valued at approximately $2.7 billion. Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co. served as financial advisor to Cox in the transaction. Cox Communications serves approximately 6 million customers nationwide, making it the nation's fifth largest cable television company. A full-service provider of telecommunications products, Cox offers an array of services, including Cox Cable; local and long distance telephone services under the Cox Digital Telephone brand; high-speed Internet See broadband. access via Cox@Home, Cox Road Runner road runner: see cuckoo. Road Runner thrives on outwitting Wile E. Coyote. [Comics: “Beep Beep the Road Runner” in Horn, 105] See : Cunning Road Runner and Cox Express; advanced digital video programming services under the Cox Digital Cable brand; and commercial voice and data services via Cox Business Services. Cox is an investor in telecommunications companies including Sprint PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. and Excite@Home, as well as programming networks including Discovery Channel, The Learning Channel, Outdoor Life and Speedvision. More information about Cox Communications can be accessed on the Internet at www.cox.com. |
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