MULTIMEDIA AGREES TO PURCHASE CABLE TELEVISION SYSTEMS FROM PRIME CABLE INCOME PARTNERS, L.P.
MULTIMEDIA AGREES TO PURCHASE CABLE TELEVISION SYSTEMS FROM PRIME CABLE INCOME PARTNERS, L.P. GREENVILLE, S.C., July 30 /PRNewswire/ -- Multimedia, Inc. (NASDAQ-NMS: MMEDC) has agreed in principle to purchase cable television systems serving approximately 28,000 subscribers in Valparaiso and LaPorte, Indiana from Prime Cable Income Partners, L.P., an affiliate of Prime Cable. Walter E. Bartlett, Multimedia's Chairman and Chief Executive Officer, who announced the agreement said, "This acquisition meets Multimedia's commitment to growing shareholder value. We entered the cable television business eleven years ago, and this will increase our subscriber base to almost 400,000 cable homes. Our new Indiana subscribers will benefit from Multimedia Cablevision's record for superior service and community involvement." The 10 franchises included in the purchase will increase Multimedia's subscriber base in its Illinois region to more than 94,000. Donald D. Sbarra, President of Multimedia Cablevision, said, "The Valparaiso and LaPorte systems will fit perfectly into our suburban Chicago operation. We are excited about the prospects for continued growth in these systems." Bill Fitzgerald of Daniels and Associates represented Multimedia in the transaction, which is expected to close in the last quarter of 1992. Multimedia Cablevision also operates cable television systems in the states of Kansas, Oklahoma and North Carolina. Multimedia, Inc. is a diversified media communications company with corporate headquarters in Greenville, S.C. In addition to its cable television operations, Multimedia publishes 12 daily and 49 non-daily newspapers, owns and operates five network-affiliated television stations, eight radio stations and a video production company, and produces and syndicates quality television programming, including the Phil Donahue and Sally Jessy Raphael shows. -0- 7/30/92 R /CONTACT: Elizabeth S. Mills, Vice President-Corporate Communications, Multimedia, Inc., 803-298-4393 or 803-298-4389/ (MMEDC) CO: Multimedia, Inc. ST: South Carolina, Indiana IN: TLS SU: TNM
KD-JZ -- CH008 -- 5344 07/30/92 17:47 EDT
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|Date:||Jul 30, 1992|
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