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GALAXY CABLEVISION ENTERS INTO AGREEMENT WITH SUPREME CABLE CO., INC.

GALAXY CABLEVISION ENTERS INTO AGREEMENT WITH SUPREME CABLE CO., INC.
 SIKESTON, Mo., July 2 /PRNewswire/ -- Galaxy Cablevision., L.P., (AMEX: GTV) entered into an agreement effective July 1, 1992 with Supreme Cable Co., Inc. Certain affiliates of Supreme and CableMaxx, Inc. providing for the extension of the proposed closing date for the acquisition by Galaxy or its assignee of certain wireless cable television assets owned by such companies.
 The extension agreement provides for up to three 30-day extensions of the closing date of such acquisition, beginning July 1, 1992, with payments of $100,000, $150,000 and $250,000 for the three extensions. Galaxy has exercised the first 30-day extension, extending the closing date from July 1, 1992 to Aug. 1, 1992. Portions of the 30-day extension payments will be applied to the purchase price. Galaxy Cablevision Management, Inc., the managing general partner of Galaxy Cablevision Management, L.P., the managing gerneral partner of Galaxy, has agreed to reimburse Galaxy Cablevision, L.P., for the extension payments if the acquisition is not consummated.
 In addition, the Federal Communications Commission ("FCC") has granted Galaxy Cablevision, L.P. cross-ownership waivers to allow Galaxy to acquire certain assets of the wireless cable systems serving the Austin and Sherman-Denison markets. The FCC has also approved Galaxy's acquisition of the wireless cable system serving the San Antonio, Texas market.
 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.
 -0- 7/2/92
 /CONTACT: Tommy L. Gleason Jr. or J. Keith Davidson of Galaxy Cablevision, L.P., 314-471-5022/
 (GTV) CO: Galaxy Cablevision; L.P., Supreme Cable Co., Inc ST: Missouri IN: TLS SU: TNM


AH -- NY007 -- 6009 07/02/92 08:01 EDT
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Publication:PR Newswire
Date:Jul 2, 1992
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