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COMCAST CORPORATION ANNOUNCES PROPOSAL TO MERGE WITH PHILADELPHIA CABLE SUBSIDIARY

 PHILADELPHIA, June 23 /PRNewswire/ -- Comcast Corporation (NASDAQ-NMS: CMCSA, CMCSK) announced today it has submitted to the board of directors of Comcast Cablevision of Philadelphia, Inc. (CCPI) a proposal to merge with CCPI.
 CCPI is a 92 percent-owned subsidiary of Comcast Corporation and is the general partner and a limited partner of Comcast Cablevision of Philadelphia, L.P., which owns and operates the cable television system in the northwest and northeast portions of the city of Philadelphia. The system currently passes approximately 319,000 homes.
 Each shareholder other than Comcast Corporation would receive $90 in cash per share of common stock. John R. Alchin, senior vice president and treasurer of Comcast Corporation, stated, "We reached the cash price after consultation with our advisor, Wheat First Butcher & Singer and we believe this price represents the true market value of the system."
 The outside directors of CCPI have formed a special committee to consider the proposal. To assist it in this process, the special committee will select and engage its own legal and investment banking counsel. Alchin stated that he believed the special committee will begin its work shortly and will proceed with diligence to conclude its review. Alchin stated, however, "We do not wish to rush the deliberations of the special committee or the advisors and expect that it will be at least several weeks before a merger can take place."
 Comcast Corporation is principally engaged in the development, management and operation of cable communications networks. The company's consolidated and affiliated operations served more than 2.9 million subscribers at March 31, 1993. The company provides cellular telephone services in the Northeast United States to markets encompassing a population in excess of 7.4 million. Comcast also has investments in cable programming, telecommunications systems and international cable and telephony franchises.
 The Class A and Class A Special Common Stock are traded in the Over- the-Counter market and are reported in the National Market List under the NASDAQ symbols CMCSA and CMCSK, respectively.
 /delval/
 -0- 6/23/93
 /CONTACT: John R. Alchin, senior vp and treasurer, 215-981-7503, or Marolyn L. Bailey, 215-981-7550, both of Comcast/
 (CMCS)


CO: Comcast Corporation; Comcast Cablevision of Philadelphia, Inc. ST: Pennsylvania IN: ENT SU: TNM

MP-MK -- PH005 -- 4882 06/23/93 09:34 EDT
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Publication:PR Newswire
Date:Jun 23, 1993
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