Cox Communications Sells Interest in TeleWest.ATLANTA--(BUSINESS WIRE)--Jan. 6, 1999--Cox Communications, Inc., today sold its 11.9 percent interest in TeleWest Communications plc. to Dresdner Kleinwort Dresdner Kleinwort (DKIB) is the investment bank of Dresdner Bank AG, part of Allianz since July 2001. Headquartered in London and Frankfurt and with an international network including offices in the financial centres of New York and Tokyo, Dresdner Kleinwort provides a wide range Benson, an investment bank in the United Kingdom. The sale of 253.8 million shares represents Cox's total investment in TeleWest. Proceeds from the sale will total approximately $740 million. "TeleWest has a great management team, and they're taking the company in the right direction. This was a solid investment for us, and an excellent way for us to learn more about packaging video and telephone services for our customers," said Jim Robbins, President and Chief Executive Officer. "But we made a commitment to our shareholders 18 months ago to monetize non-strategic investments, and this sale is consistent with that strategy. The proceeds will be used to continue the execution of our domestic core business strategy." Cox purchased in 1993 a 25 percent interest in SBC (1) (SBC Communications Inc., San Antonio, TX, www.sbc.com) A large, national telecommunications company that grew from a multitude of local and regional companies, including Southwestern Bell, Pacific Bell and Nevada Bell, into a single, unified brand by 2002. Cablecomms, a United Kingdom cable television and telephone business owned by Southwestern Bell
Southwestern Bell Telephone, L.P. Corporation (now SBC Communications), and increased that interest to 50 percent in 1994. In 1995, SBC Cablecomms was sold to TeleWest, at which time Cox's interest decreased to 14.6 percent. In 1998, Cox's interest dropped to 11.9 percent when TeleWest acquired General Cable plc. 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) is among the nation's largest broadband communications companies, serving 3.8 million customers. As a full service provider of telecommunications products, Cox offers an array of services, including cable television under the Cox Cable brand; local and long distance telephone services under the Cox Digital Telephone brand; high speed Internet access via Cox@Home; commercial voice and data services via Cox Business Services; and advanced digital video programming services under the Cox Digital TV brand. Cox is an equity owner of 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. , the nation's first national wireless personal communications service |
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