Printer Friendly


Rogers Completes the Sale of 304,000 Cable Subscribers to Cogeco Cable

TORONTO/MONTREAL, Nov. 25 /CNW-PRN/ - ROGERS COMMUNICATIONS INC. (Toronto: RCI.A and RCI.B, NYSE:RG) and Cogeco Cable Inc. (Toronto and Montreal: CCA) jointly announce today that Rogers Cablesystems Limited (``Rogers'') has completed the previously announced sale of certain of its Ontario area cable systems to Cogeco Cable Inc. (``Cogeco Cable''), through a new acquisition company to be held in trust pending regulatory approval. The systems sold serve approximately 304,000 basic cable subscribers in the areas of Hamilton, Niagara Falls, St. Catharines, Sarnia, Wallaceburg, Peterborough, the Ottawa Valley, Cornwall and North Bay. With the exception of Cornwall and part of Hamilton, these cable systems were acquired by Rogers as part of the purchase of Maclean Hunter Limited in 1994.

Total proceeds to Rogers were approximately $360 million, or approximately $1,180 per basic cable subscriber, of which $304 million was paid in cash on closing. One third of the balance will be received in the form of Cogeco Cable subordinate voting shares, subject to stock exchange approvals, and two thirds in the form of notes payable over the following 2 years. The cable systems sold by Rogers to Cogeco Cable will continue to be managed by Rogers pending CRTC approval.

Rogers Communications Inc. is Canada's National Communications Company engaged in cellular and other wireless communications through its 80% owned subsidiary Rogers Cantel Mobile Communications Inc., in cable television through its wholly-owned subsidiary Rogers Cablesystems Limited and in radio and television broadcasting and publishing through its wholly-owned subsidiary Rogers Multi-Media Inc.

Cogeco Cable operates cable systems in British Columbia, Alberta, Saskatchewan, Ontario and Quebec serving some 455,000 subscribers. Cogeco Cable is the fourth largest cable operator in Canada, based on the number of subscribers. Cogeco Cable's subordinate voting shares are listed on the Toronto and Montreal Stock Exchanges (CCA).

SOURCE Rogers Communications Inc.
 -0- 11/25/96

/CONTACT: Jan Innes, Vice President, Communications, Rogers Communications Inc., (416) 864-2326; Louis Audet, President and CEO, Cogeco Cable Inc., (514) 874-2600/


CO: Rogers Communications Inc.; Cogeco Cable Inc.;

Rogers Cablesystems Limited ST: Ontario IN: TLS SU: TNM


JM -- TO010 -- 3874 11/25/96 15:16 EST
COPYRIGHT 1996 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 25, 1996
Previous Article:Connect2SMTP v4.2 Enhances Internet E-Mail Connectivity
Next Article:MDSI Mobile Data Solutions Inc. Announces Shares Listed On Nasdaq - U.S. Initial Public Offering

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters