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GALAXY CABLEVISION ANNOUNCES INVESTMENT

 SIKESTON, Mo., Dec. 22 /PRNewswire/ -- Galaxy Cablevision, L.P. (NYSE: GTV), a Missouri-based cable television MSO announced today an investment in a company that acquired the assets of the Austin and San Antonio, Texas systems of CableMaxx, Inc. The properties have been acquired by Charter Wireless Cable Holdings, L.L.C., a holding company formed by the New York investment firm, Charterhouse Group International, Inc. and Galaxy Cablevision, L.P. The properties will be managed by Galaxy Management, Inc.
 CableMaxx operates a wireless cable television system with approximately 11,500 subscribers in Austin, Texas and leases licenses for wireless cable channels in San Antonio, Texas. The transaction includes an option to acquire the assembled channel leases in Waco, Temple/Killeen, Sherman/Denison and Lubbock, Texas.
 Wireless cable television is an alternative form of distribution of satellite and pay-per-view television programming. Wireless cable television systems transmit television signals over the air on frequencies licensed by the Federal Communications Commission, while traditional cable systems transmit signals overall coaxial or fiber optic cable.
 Tommy L. Gleason, Jr., president of Galaxy management said, "This opportunity to enter the wireless industry with an investment firm experienced in the delivery of cable television programming is something we have worked toward for the past year. CableMaxx is a good, solid company that we hope to continue to develop and grow during the coming years."
 Merril M. Halpern, chairman of Charterhouse Group International, Inc. said, "Since last year's realization of our successful investment in Cencom Cable we have been reviewing opportunities to reinvest in the industry. The opportunity to invest with Galaxy Cablevision, L.P. and its management will enable use to return to cable and participate in the growing wireless segment."
 The previously announced Asset Purchase Agreement between Galaxy and CableMaxx signed in January 1992, called for a purchase price of $25 million, of which $15 million was to be payable in cash and the remaining $10 million to be delivered as a short-term non-interest bearing note.
 The revised Asset Purchase Agreement signed Dec. 18, 1992, relating to the Austin and San Antonio properties called for cash consideration (including payments for certain non-competition agreements) of $12,500,000, along with a $3 million, six-year note bearing 10 percent interest and a 5 percent equity interest after certain distributions are made to shareholders. The remaining channel leases related to Sherman/Denison, Waco, Temple/Killeen, and Lubbock, Texas, may be acquired through separate option agreements for total cash consideration of $1 million and an additional 2.5 percent equity interest after certain distributions are made.
 In an unrelated announcement, the board of directors of Galaxy Cablevision Management, Inc. again confirmed that under covenants of its senior loan agreement with Fleet National Bank, Galaxy Cablevision, L.P. will suspend dividend payments for the fourth quarter of 1992.
 Galaxy Cablevision, L.P. engages in the business of acquiring, owning and operating cable television systems and currently serves approximately 54,000 basic subscribers in six states.
 Galaxy's units are traded publicly on the American Stock Exchange under the symbol GTV.
 -0- 12/22/92
 /CONTACT: J. Keith Davidson, chief financial officer of Galaxy Cablevision, 314-471-5022/
 (GTV)


CO: Galaxy Cablevision, L.P. ST: Missouri IN: ENT SU: TNM

SH-PS -- NY016 -- 9110 12/22/92 11:26 EST
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Date:Dec 22, 1992
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