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NEW INTERMEDIA AFFILIATE TO ACQUIRE

 SAN FRANCISCO, Sept. 24 /PRNewswire/ -- InterMedia Partners III, L.P., a newly formed affiliated partnership of InterMedia Partners, today signed an agreement to acquire a cable television system serving approximately 44,000 customers in Anne Arundel County, Md.
 North Arundel CATV Inc. is being acquired from Acton Corp. of Raleigh, N.C. The purchase price is $76 million, subject to certain closing adjustments. Closing, which is subject to obtaining certain approvals, is planned to occur by the end of the year.
 After the acquisition is completed, the cable television company will continue to operate with the same name and from the same offices. No staff changes are planned.
 The acquisition, which will be the first for InterMedia in Maryland, will bring the number of customers owned by the InterMedia Cos. to approximately 610,000. Founded in 1988 by Leo J. Hindery Jr., InterMedia Partners has grown to be the nation's 20th largest operator of cable systems in less than five years.
 "The acquisition of this cable system is significant for several reasons," said Hindery, the managing general partner of InterMedia Partners. "First, of course, it is an excellent business operated by a talented and dedicated group of individuals. We look forward to working with them in the future.
 "In addition to such business considerations, however, we believe the acquisition of this cable system -- an hour's drive from the nation's capital -- is a vigorous affirmation of the strength of the cable television industry as it enters the Brave New World of increasing competition and new government regulation."
 -0- 9/24/93
 /CONTACT: Alan D. Mutter of InterMedia Partners, 415-616-4660/


CO: InterMedia Partners; Acton Corp. ST: California; Maryland IN: TLS SU: TNM

PK-IC -- SF004 -- 5487 09/24/93 14:55 EDT
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Publication:PR Newswire
Date:Sep 24, 1993
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